Synergies &
Partnerships

In this section, we highlight how strategic partnerships contribute to ICD’s outcomes.

Leveraging Partnerships for Inclusive Growth

In the dynamic landscape of global challenges, the IsDB Group recognizes the pressing issues confronting its member countries, as well as many other nations worldwide, ranging from food insecurity and climate change to poverty, gender inequality, and economic disparities. The gravity of these interconnected challenges demands urgent, concerted action and collaborative solutions on a global scale.

ICD firmly believes that the path to sustainable development requires effective multilateral partnerships and robust engagement with communities and stakeholders. In this context, the private sector emerges as a pivotal force, leveraging its innovative capacities, technological expertise, and financial contributions to address the world’s most pressing issues.

Throughout the year 2023, ICD strategically harnessed its extensive network of partnerships, comprising multilateral development banks, development finance institutions, sovereign wealth funds, financial institutions, central banks, and technical advisors. Aligned with our core mandate, ICD’s primary focus remains on fostering private sector development through tailored financing solutions, contributing significantly to the attainment of the SDGs.

In pursuit of our objectives, ICD identified like-minded partners sharing common mandates and objectives. This led to the establishment of numerous strategic partnerships and collaborative initiatives, poised to generate enduring synergies that will propel us towards the realization of sustainable and impactful development outcomes.

ICD Partnerships in 2023

Technical Coordination Committee (TCC)

ICD collaborated closely with IsDB Group entities, particularly ITFC and ICIEC, fostering stronger intra-group partnerships through regular TCC meetings and CEOs Meetings.

Amount of Financing Approved (LoF)
USD 394 Million
Target: USD 200 Million

7 Country programs
developed under AATB out of an original target of 4
(Egypt, Tunisia, Togo, Benin, Senegal, Mauritania, Cameroon)

Number of Joint Business Development Activities – Physical or Virtual:
13
Target: 4

Number of LOF transactions shared:
16
TARGET: 15

Newly established partnerships and MOUs on pipeline sharing and co-financing

Emirates International Investment Company (EIIC) | Capital Trust (Morocco) | OCP Africa | Ithmar Fund (Morocco) | Power Cement (Pakistan) | ITFC | Al Salam Bank Algeria | Islamic Solidarity Fund (ISDF) | The Eastern and Southern African Trade and Development Bank (TDB)

Strategic engagements and workshops with DFIs, MDBs and IFIs on opportunities for enhanced cooperation on:

Co-financing opportunities and pipeline projects and further co-operation

Asian Infrastructure Investment Bank (AIIB) | African Development Bank | Proparco AFD | European Bank for Reconstruction and Development (EBRD) | Emirates International Investment Company (EIIC) | International Financial Corporation (IFC) Türkiye

Knowledge sharing

L’Association des Banques et Etablissements Financiers (ABEF) | United Gulf Financial Services-North Africa (UGFS) | British International Investment (BII) | Hosting the 2023 International Development Finance Club (IDFC) Sherpa Meeting

Event Highlights in Photos

ICD hosts various events each year, and here we showcase a selection of photos capturing the highlights.

IFN Emerging Islamic Markets Deal of the Year 2022 for River Med Pharm’s USD 4 million financing in collaboration with Asia Alliance Bank

Islamic Finance News (IFN) 2023