Multilateral Strategic Partner
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral financial institution. The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral financial institution. It is the private sector arm of the IDB Group. It was established by the IDB Board of Governors on November 1999 in Jeddah, Kingdom of Saudi Arabia. The authorized capital stock of ICD is US$2 billion. Its shareholders are the IDB, 52 Islamic member countries, and five public financial institutions from member countries. In 2014, Fitch rated ICD ‘AA/F1+’ with a stable outlook. In 2015, Moody's assigns Aa3/P-1 rating to ICD with a stable outlook. The mandate of ICD is to play a complementary role to IDB activities and national financing institutions in member countries through the provision of financing and financial services to private sector projects in accordance with Shariah principles. ICD also provides consultancy services to governments and private sector institutions in order to encourage the establishment, the expansion and the modernization of private sector enterprises, the development of capital markets, the adoption of best management practices and enhancement of the role of market economy. ICD focuses in its financing on developmental projects which contribute to the creation of employment opportunities and the encouragement of exports. To achieve these objectives, ICD creates and develops relations of cooperation and partnership to arrange co-financing and syndicated financing services.