ICD intends to carry out its business plan in Azerbaijan - CEO

In Azerbaijan, the Islamic Corporation for the Development of the Private Sector (ICD) aims to implement its strategic direction and business plan for developing the private sector, Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation and Acting Chief Executive Officer of ICD (members of the Islamic Development Bank (IsDB) Group), said in an exclusive interview with Trend.

He noted that the business plan will be implemented through

• approving financing lines for banks and non-banking financial institutions to support private projects and small and medium-sized companies.

• Direct financing for private sector companies, especially industrial companies that direct their production for export, in addition to financing energy and infrastructure projects.

• Finally, by supporting the development of Islamic capital markets.

"The Islamic Corporation for the Development of the Private Sector is a multilateral development financial institution and is the private sector arm of the Islamic Development Bank (IsDB) Group. ICD is mandated to support the economic development of the member countries through the provision of Shariah-compliant finance for private sector projects and encouraging cross-border investments. As part of our strategic direction and business plan, we envision to:

• Serve our member countries based on their development needs;
• Enhance our Governance Model and Organizational Excellence;
• Grow in a financially sustainable way;
• Deepen collaboration within the IsDB Group, Financial Institutions and our other partners," he explained.