BAKU, Azerbaijan, June 18. The Islamic
Development Bank (IsDB) Group’s affiliated institutions organized
the 14th Private Sector Forum (PSF) from June 16 to 19,
2026, at Baku Convention Center in Baku, the capital city of the
Republic of Azerbaijan.
The forum was convened on the sidelines of the IsDB Group's 2026
Annual Meetings.
The forum highlighted IsDB Group's activities and initiatives
aimed at empowering both public and private sectors in member
countries, particularly in the Republic of Azerbaijan.
The discussions focused on prevailing opportunities and
challenges facing the business sector and highlighted the Group’s
suite of financing instruments, including lines of financing,
private sector financing, trade development support, investment
insurance, and export credit facilities, among others.
The forum agenda featured a series of dialogue sessions
addressing key economic themes and development projects.
Participants also attended presentations on trade and investment
opportunities. In addition, bilateral meetings between public and
private sector institutions (B2B and B2G) facilitated networking,
strategic partnerships, experience sharing, and the promotion of
success ventures.
In addition to the dialogue sessions, the forum hosted the Halal
Economy Leadership Forum, which brought together policymakers,
industry leaders, and experts to discuss emerging opportunities and
challenges within the global halal economy. The event also featured
the IsDB Group Startups Competition, providing an important
platform for innovative entrepreneurs from member countries to
showcase their solutions before investors, development
institutions, and business leaders. The winners of the competition
and the Private Sector Forum Awards were recognized during a
dedicated awards ceremony honoring outstanding achievements in
entrepreneurship, innovation, investment, trade, and private sector
development.
The forum attracted high-level participation from Azerbaijan
government officials, presidents and CEOs of local, regional, and
international private sector companies, investors, businessmen,
chambers of commerce and industry, trade and investment promotion
bodies, and regional and international financial and development
institutions.
In his speech, H.E. Mikayil Jabbarov, Minister of Economy of the
Republic of Azerbaijan and Chairman of the Board of Governors of
the Islamic Development Bank (IsDB), stated: “Azerbaijan highly
values its partnership with the Islamic Development Bank Group and
remains committed to deepening trade, business, and investment
cooperation with member countries. Leveraging its strategic
location at the crossroads of Europe and Asia, modern transport
infrastructure, and ongoing economic diversification efforts,
Azerbaijan serves as an important platform for regional
connectivity and sustainable growth. By combining the country’s
investment potential with the IsDB Group’s financial capabilities,
global expertise, and extensive network, we can unlock new
opportunities for impactful projects that advance economic
development and deliver long-term benefits across the region.”
In his opening remarks, His Excellency Dr. Muhammad Al Jasser,
Chairman of the Islamic Development Bank Group, welcomed all
participants to the forum. He stated: “At the Islamic Development
Bank Group, we firmly believe that the private sector is not a
supporting actor in development — it is the lead actor. Our role is
clear: to remove obstacles, reduce risks, and open doors. We will
continue to stand as a committed partner—mobilizing finance,
mitigating risk, and enabling trade and investment that drive
inclusive, resilient, and sustainable growth”
During the CEOs session, Dr. Khalid Yousif Khalafalla, CEO of
the Islamic Corporation for the Insurance of Investment and Export
Credit (ICIEC) and Acting CEO of the Islamic Corporation for the
Development of the Private Sector (ICD), stated: “The Private
Sector Forum witnessed a distinguished cohort of partners from both
public and private sectors. Sustainability and development
constitute the core focus of our mission, as we strive to unify the
efforts of our private sector partners and other financing agencies
to bridge the sustainable financing gap, provide co-financing
opportunities, and develop innovative solutions to address the
challenges of sustainable development. In this context, from ICD
side, we are proud of our role in private sector development by
providing effective financing solutions to financial institutions
and large corporations, as well as facilitating access to suitable
financing for small and medium enterprises. We also continue to
finance infrastructure projects that enhance development impact,
encourage cross-border investment, support member countries'
exports, and create new job opportunities. In fact, ICD has
achieved approximately $7.1 billion in cumulative approvals. Last
year, the total financing directed towards SMEs reached USD 661.9
million. ICD supported institutions collectively employed 178,988
staff members.”
He added, “Since its inception and up to the end of 2025, ICIEC
has provided cumulative insurance cover exceeding USD 139 billion,
including USD 108 billion in support of trade flows and more than
USD 31 billion to facilitate foreign investment across its Member
States. Of this, intra-OIC trade and investment accounted for more
than USD 66 billion, reflecting ICIEC’s role in strengthening
economic cooperation among Member Countries. In 2025 alone, ICIEC
enabled USD 1.9 billion in Islamic trade and investment finance,
supported more than 294,000 jobs, and reached around 6,000 SMEs.
Through its Shariah-compliant credit and political risk insurance
solutions, ICIEC continues to mobilize capital, reduce risk, and
support sustainable development across strategic sectors.”
On his part, Eng. Adeeb Yousuf Al-Aama, CEO of the International
Islamic Trade Finance Corporation (ITFC), stated: "The
14th edition of the Private Sector Forum reaffirmed the
vital role of the private sector in fostering economic growth,
generating employment, and reducing poverty in member countries.
The active participation of the business community greatly enriched
discussions and strengthened collaborative efforts to promote
economic resilience and business dynamism.
He added: “Since its inception in 2008, ITFC has extended over
US$96 billion in trade financing to OIC member countries, becoming
the leading provider of trade solutions in the region. Of this,
US$20 billion was allocated to support private sector and SMEs –
combining financial support, technical assistance, and capacity
building efforts to help these enterprises access regional and
international markets. In 2025 alone, ITFC approved US$9.3 billion
in trade finance and disbursed US$7.5 billion across its member
countries. Through its operations, the Corporation supported more
than 120,000 jobs, provided access to finance for 546 corporates
and SMEs, and facilitated US$7.8 billion in intra-OIC trade. These
achievements reflect ITFC’s continued commitment to strengthening
private sector competitiveness, enhancing trade connectivity, and
fostering sustainable economic growth across OIC member
countries.”
