The Islamic Corporation for the Development of the Private Sector (ICD), part of the Islamic Development Bank Group, is working with the Central Bank of Azerbaijan on the country’s first sukuk framework, ICD regional representative Elvin Efendi said.
Speaking at the IsDB Group Private Sector Roadshow in Baku, Efendi said the framework would pave the way for future sukuk issuances in Azerbaijan at the sovereign level and, at a later stage, at the corporate level.
He said ICD provides services in financial sector development, the real sector, treasury and syndication, including credit lines, equity investment in the financial sector, advisory services, treasury operations, resource mobilisation and syndication, sukuk advisory, corporate finance and project finance.
Efendi said ICD helps expand access to Islamic finance for corporates and SMEs in member countries, supports infrastructure development, attracts investment to challenging markets and connects companies with investors.
Since its establishment in 1999, ICD has approved more than 450 projects in over 40 member countries. The total value of approved projects stands at $7.1 billion, while disbursements amount to $5.6 billion.
According to the presentation, the financial sector accounts for the largest share of ICD-approved projects, at 57.94%. Industry and mining account for 15.83%, energy 7.07%, agriculture 4.96%, transport 4.30%, real estate 3.24%, health and social services 2.85%, trade 1.49%, information and communications 1.01%, education 0.19%, and water, sanitation and waste management 0.02%.
By region, the largest share of ICD investments falls to Eastern Europe and Central Asia, at 33.23%. The region includes Azerbaijan, Kazakhstan and Uzbekistan. The Middle East and North Africa account for 21.84%, Sub-Saharan Africa 16.17%, Asia 17.1%, regional projects 8.95% and global projects 2.90%.
In 2025, 71.56% of ICD projects were directed to the financial sector, 10.80% to transport, 9.16% to industry and mining, and 8.48% to energy. Eastern Europe and Central Asia accounted for the largest regional share that year, at 47.86%.
Efendi said ICD focuses not only on profit, but also on development impact. The institution promotes economic development in member countries through financial inclusion, employment, SME support, infrastructure and energy projects.
According to ICD data, the institution helped create 23,531 new jobs in 2025, including 7,288 jobs for women. During the same period, ICD financing supported 2,381 SMEs, including 585 women-led or women-owned SMEs.
In 2025, the total amount of SMEs financed by ICD stood at $661.9 million, while export sales generated reached $557.3 million. The projects generated $283.8 million in government revenues and more than $1 billion in domestic purchases.
ICD projects also helped create 1,062 megawatts of power capacity, educate 51,438 students, support 51,851 farmers, build 3,281 housing units and serve more than 3.5 million patients.
Efendi said ICD has also participated in financing major projects in Azerbaijan, adding that one of its first projects in the country was the financing of the Park Bulvar shopping mall in Baku.
N.Tebrizli
