Development Effectiveness

It is said that people are the ultimate resource of economic development and that is why ICD puts people's lives at the heart of its vision. In continuing its commitment towards its Member Countries (MCs) and partners.

ICD will continue on its mandated path placed by its shareholders since its inception by exerting guided effort as a dedicated private sector development institution that provides a wide range of products and services to “Enable Enterprise” and “Build Prosperity”.

24% claimed that the COVID-19 pandemic “severely affected” their performance indicating a drop of greater than 15% in profits. At the same time, 29% stated that through 2021-2022, there should be “no effect” on their financial performance, while 4% believed that their financial statements will be “severely affected” in that same period.

56% stated that their respective institution did not initiate a “hiring freeze, while 19% claimed that they did initiate a “hiring freeze”

Highlights of Sectoral Results

• Line of Finance (LoF) - Direct financing provided to 33,104 MSMEs; 41,200 patients served by ICD LoF clients.
• Direct Financing - Generated about USD 92 million in incremental export sales; More than a million patients served by organizations receiving direct ICD funding.
• Bank Equity - About 1,862 direct jobs sustained of which 477were women; about USD 141 million goods and services purchased locally.
• Non-Banking Financial Institutions – 9317 persons gained access to Islamic Finance; 339,060 medical patients served by ICD NBFI Equity partners.
• Advisory Services – 347 new MSMEs funded creating 2801 new full-time employees; About 2,900 students enrolled in education centers financed by Industry and Business Environmental Support (IBES) Advisory Services
• Collaboration with International Financial Institutions (IFI) – 14,778 new Islamic Finance Accounts; with 529 MSMEs funded in 2020.

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2020 Development Effectiveness Survey Results

The 2020 annual Development Effectiveness Survey achieved a response rate of 82 percent in 2020 compared to 70 percent in 2019. It indicated that despite the slowdown of the global economy and in the MCs, ICD managed to achieve relatively impressive results in sustaining and creating employment, especially in MSMEs, promoting Islamic finance, contributing to the financial well-being of its partners, and in sectors such as health, agriculture and digital transformation. The alignment of ICD’s partners with the SDGs also appears to be increasing.

ICD has responded to the crisis by developing and implementing its own COVID-19 business plan for 2021-23. It has adopted an upside (relatively positive) scenario as its baseline in formulating its strategic plans. While its major concentration remains on increasing its development effectiveness, ICD has also committed to achieving break-even performance during this period. Several key initiatives are envisaged including strengthening partnerships with MCs’ financial institutions (especially to provide support to the micro, small, and medium enterprises (MSMEs), and collaborating with other multilateral development banks (MDBs) particularly in infrastructure, energy, and project financing in addition to optimizing its risk infrastructure.