Khalid Khalafalla: Over 30 documents signed at Baku Private Sector Forum

The Islamic Corporation for the Development of the Private Sector (ICD) approved financing of more than $555 million in 2025, expanding access to Islamic finance for over 10,600 new clients, Khalid Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of ICD, said at a press conference during the Islamic Development Bank (IsDB) Group's 51st Annual Meetings in Baku, Report informs.

Khalafalla noted that the actual disbursed financing during the reporting period amounted to about $584 million, with a significant share allocated through credit line programs – the main tool for expanding access to Islamic finance in member countries.

Through these mechanisms, more than 10,600 new clients, including around 3,400 women, gained access to financing, he added.

The CEO also said that approximately $660 million was directed to financing small and medium‑sized enterprises (SMEs), covering 2,381 businesses: "Our programs supported SMEs with about $660 million, benefiting 2,381 enterprises."

He also highlighted that during the Private Sector Forum held in Baku, 32 agreements and memoranda of understanding were signed.

The event brought together more than 1,400 participants from 60 countries, featured 17 parallel sessions, and hosted over 250 B2B and B2G meetings.