Since its inception, ICD’s central focus has been on private sector development. This focus is based on a recognition of the pivotal role of the private sector in job creation, unlocking export potential, and fostering sustainable and inclusive growth.
ICD’s commitment to fostering private sector growth and tackling global issues such as energy access and infrastructure are reflected in its actions. In 2023, ICD’s project approvals amounted to USD 531.66 million, achieved through extending financial support to partner institutions and investing in initiatives. This year’s approvals were categorized into line of finance (LOF) (76.06% share), term finance (22.66% share), and equity (1.28%), aligning with ICD’s strategic shift toward credit financing. With this, cumulative project approvals have now reached USD 6.92 billion since inception.
Sectorally, 77.34% of new project approvals were earmarked for the finance sector, followed by non-financial sector investments focusing on high-impact sectors such as industry and mining (13.24%), transportation (4.72%) and energy (4.70%). In terms of regional distribution, 34.86% of project approvals were allocated to Europe and Central Asia, followed by Asia (24.53%), Middle East and North Africa (MENA) (20.71%), sub-Saharan Africa (SSA) (18.96%), with one regional project based in Asia (0.94%).
The breakdown of approvals and other key data are illustrated in the following charts.
