BAKU, Azerbaijan, June 20. The Islamic
Development Bank Group (IsDBG) affiliated institutions organized
the 14th Private Sector Forum from June 16 to 19, 2026, at Baku
Convention Center in Baku (Republic of Azerbaijan), the press
service of the Ministry of Economy of Azerbaijan says.
The forum was convened on the sidelines of the Group's annual
meetings, under the high patronage of Ilham Aliyev, President of
the Republic of Azerbaijan.
The Islamic Development Bank Group's Private Sector Forum
witnessed a wide turnout, with more than 1400 participants from 60
countries. It featured active participation from the local,
regional, and international private sectors. The program included
17 events and panel discussions, with the involvement of more than
70 speakers and 40 exhibitors.
For the fourth consecutive year, the forum presented the
"Private Sector Award" to outstanding companies and financial
institutions in recognition of their contributions to economic
development, trade facilitation, investment, and risk
management.
Additionally, the forum saw the signing of 32 agreements and
memoranda of understanding, amounting to over $.4.7 billion. A
startup competition was also held, with participation from more
than 220 startups and business incubators. More than 250 bilateral
meetings (B2B and B2G) were conducted to enhance trade, investment,
and partnership relations among member countries.
The forum showcased the 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 and
workshops addressing key economic themes and development projects.
Participants also attended presentations on trade and investment
opportunities.
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 opening remarks, Chairman of the Board of Governors of
the Islamic Development Bank (IsDB), Minister of Economy of the
Republic of Azerbaijan, Mikayil Jabbarov welcomed all participants
to the forum. He 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”. Dr. Khaled Yousef Khalafallah, 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 that “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.
His Excellency Dr. Mohammed Al Jasser, Chairman of the Islamic
Development Bank Group, addressing participants of the forum,
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”
He added, “Since its inception, ICIEC has provided cumulative
insurance coverage exceeding USD 139 billion, including USD 108
billion to support trade flows and USD 31 billion to facilitate
investment. Leveraging a robust global reinsurance network, the
Corporation has mobilizedsignificant cumulative reinsurance
capacity from the private reinsurance market. Through transactions
across vital sectors including agriculture, renewable energy,
infrastructure, manufacturing, and healthcare, ICIEC continues to
drive meaningful development impact across its Member States.
Regarding the ICD, Dr. Khalid stated “Since its inception in 1999,
the Islamic Corporation for the Development of the Private Sector
(ICD) has played a pivotal role in fostering development,
empowering businesses, promoting entrepreneurship, and supporting
sustainable economic growth. Its diversified investments have had a
tangible impact on communities by enabling transformative projects,
facilitating partnerships, and building capacity. Since inception,
thecorporation has achieved USD7.1 billion in approvals and over
USD 5.6 billion in disbursements.ICD interventions cover various
sectors, including finance, infrastructure, agriculture,
manufacturing, and energy, and it has investment operations in its
member countries, underscoring the broad geographic and sectoral
reach of ICD operations.”
On his part, Eng. Adeeb 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 investors greatly enriched discussions and
strengthened collaborative efforts to promote economic resilience
and business dynamism.
He added, “Since its launch in 2008, ITFC has extended over $96
billion USD in financing to OIC member countries, becoming the
leading provider of trade solutions in the region. Of this, $20
billion USD was allocated to enhance SMEs competitiveness –
combining financial support, technical assistance, and capacity
building efforts to help these enterprises access regional and
international markets.”
For more information, please visit the event website (www.isdbg-psf.org).
