BAKU, Azerbaijan, June 19. ICIEC sees
significant potential for expansion in Azerbaijan, 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), Khalid Khalafalla, said at
the closing press conference of the 14th Private Sector Forum of
the Islamic Development Bank (IsDB) Group, Trend's correspondent
reports from the event.
"Since Azerbaijan joined the organization in 2023, ICIEC has
supported operations in the country worth over $165 million. The
14th Private Sector Forum, held in parallel with the annual
meetings of the IsDB Group, brought together over 1,400
participants from 60 countries. The forum featured eight country
presentations and 40 exhibition stands, including those of
investment promotion agencies and Azerbaijani partners," Khalafalla
noted.
According to him, approximately 32 agreements and memorandums of
understanding were signed during the forum, including five
agreements with partners from Azerbaijan.
"The forum also served as a platform for business contacts. Over
250 B2B and B2G meetings took place during the event.
In 2025, ICIEC provided insurance coverage for trade and
investment transactions worth $17.7 billion in the organization's
member countries.
ICIEC's activities supported more than 6,000 small and
medium-sized enterprises and created over 290,000 jobs," said
Khalafalla.
According to him, the majority of insured transactions were in
the trade sector, but the corporation also participated in projects
in the telecommunications sector aimed at attracting foreign direct
investment.
