Annual Report
2022

In the name of Allah, the Beneficent, the Merciful

I hereby present ICD’s Annual Report for the year 2022.

2022 was an eventful year to say the least. While leading the path towards recovery, we continued to support our stakeholders and help them cope with yet another year of uncertainty stemming from the global pandemic in addition to ongoing issues such as tightening financial conditions, skyrocketing inflation as well as conflicts that are geopolitical in nature. We continued to innovate and, in the process, re-developed value drivers to best cater to the critical needs of our member countries and to help smaller businesses to advance and grow. Over the past year, we took the opportunity to realign ICD’s activities with its mandate and reshape our portfolio by focusing on core areas of growth across our regions of operations while responding to various market trends.

Our efforts have paid off and yielded positive results. Operationally, ICD achieved its highest approval and disbursements rates to date, with USD 525.83 million worth of projects approved and disbursements in the year totalling USD 310.53 million. This corresponds with ICD’s commitment of funding meaningful private sector projects and businesses in economic sectors that help address key challenges such as food security and energy access. At the same time, our targeted approach also helped build globally competitive industrial sectors and create better jobs. ICD has delivered USD 7.61 billion in cumulative approvals and more than USD 4.07 billion in disbursements since inception, all of which is serving our mission to support private sector development. Moving forward, we are ready to offer support the best way we can.

As we confront shared and increasingly varied global challenges, we understand more than ever the power of stakeholder collaboration and cooperation. In 2022, we enhanced our engagements and important business synergies with like-minded multilateral partners and institutions. This includes, for example, a Lines of Finance for Africa and Asia agreement with the Arab Fund for Economic and Social Development (Arab Fund), and an agreement with Africa Finance Corporation (AFC) on pipeline sharing and co-financing. We also organized numerous workshops and sessions for knowledge sharing and to explore opportunities for enhanced cooperation with institutions such as the Arab Bank for Economic Development in Africa (BADEA), the Asian Infrastructure Investment Bank (AIIB), British International Investment (BII), the International Financial Corporation (IFC) and the Trade and Development Bank (TDB).

We seek to be there for all our stakeholders, from our clients to our communities, to help them progress on their journey towards transitioning to a sustainable economy, no matter what stage they are at, and to address issues that matter the most to them. In light of this, we have taken bolder steps through our focus on sustainability to drive collective change. The latest Annual Development Effectiveness Survey results revealed that ICD’s respected clients and partners contributed greatly to the SDGs. A total of 2,256 SMEs benefited from ICD’s financing activities, with funding totaling USD 172.2 million. We also helped advance the Islamic finance agenda, with our interventions resulting in the increase of 74,524 new Islamic finance clients. Our projects and investments have also significantly supported employment growth, having sustained 86,358 jobs while creating new ones (15,464 jobs). We were also active in community development, having contributed a total of USD 6.6 million in programs that promote better living in member countries, focusing on improving social, economic and environmental conditions in which people live.

I am honored to serve in the capacity of Acting Chief Executive Officer of ICD and since my appointment, I have focused my efforts on bringing more excellence in service delivery and improving the operational stability of ICD. I will remain vigilant and will continue to steadily move forward our business improvement plan, which includes strengthening our value drivers, personnel, and organization, transforming the way we work, and establishing a foundation for growth and new ventures. I would like to take this opportunity to acknowledge the contributions of our former Chief Executive Officer, Br. Ayman Sejiny, who left ICD in mid-2022 and played an integral role in driving ICD’s performance given the myriad difficulties faced, especially at the height of the pandemic. ICD’s journey, achievements and value over the past few critical years are noted and respected. I would also like to leave a special note of appreciation to our esteemed Board members and to our senior leadership team. Thank you for your unwavering passion and support that has allowed us to prosper and grow to greater heights. To the entire ICD family: you are our greatest asset, and I thank you in advance for your hard work and dedication to reaching organizational excellence.

Faithfully,

Eng. Hani Salem Sonbol
Acting Chief Executive Officer
Islamic Corporation for the Development of the Private Sector