The Islamic Corporation for the Development of the Private Sector (ICD) is organizing the ninth meeting of The International Development Finance Club (IDFC) “the Club Sherpas”
The Islamic Corporation for the Development of the Private Sector (ICD) is organizing on February 29 and March 1, 2016 the ninth meeting of The International Development Finance Club (IDFC) “the Club Sherpas” in the regional office of Islamic Development Bank Group (IDB) in Rabat, Morocco and IDB Group Business Forum “THQAH”.
IDFC is a group of like-minded development banks from across the globe that collaborate to face global challenges. Members join their forces (funding capacities, local and international experience, market and product know-how), to complement each other's needs and objectives. IDFC representatives meet regularly since 2010 in order to formalize their cooperation and address global challenges in development, particularly the issues related to climate change, financing infrastructure projects, social development, poverty alleviation, green growth and funding innovation.
ICD is hosting all members of the IDFC this year for the 1st Sherpa Meeting in 2016 in the IDBG regional office in Morocco (Rabat). By hosting this event, ICD demonstrates its commitment to promote development best practices and its willingness to work continuously with other institutions by providing its expertise in Islamic finance and market knowledge of its 52 member countries, Africa, the Middle - East, Asia and Central Europe.
As a member of IDFC, ICD will create a platform to intensify its efforts and increase its interventions in different member countries through strategic partnerships and mobilizing the necessary funding for its development projects as well as sharing the expertise of each member. Our meeting today will tackle global challenges but also to present the issues related to the development of Islamic finance.
Since 2015, ICD has been a member of the IDFC in its role of building strategic partnerships for development of the private sector and promoting Islamic Finance globally.
The Islamic Corporation for the Development of the Private Sector (“ICD”)is a multilateral development financial institution and is part of the Islamic Development Bank (“IDB”) Group.
ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.
ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IDB (50%), 52 Islamic countries (30%) five public financial institutions (20%).
ICD fosters sustainable economic growth in its 52 member countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to business and governments. ICD financing projects are selected on the basis of their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports etc. ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and to enhance the role of the market economy. ICD operates to complement the activities of the IDB in member countries and also that of national financial institutions.
In November 2014, Fitch rated ICD 'AA/F1+' with a stable outlook. In April 2015, Moody's assigns Aa3/P-1 rating to ICD with a stable outlook. In December 2015, Standard & Poor's Ratings Services assigned its 'AA' rating to ICD with stable outlook.