IsDB chief says private sector is leading driver of development

The private sector is the main driver of inclusive and sustainable economic growth across member countries, Mohammed Al Jasser said on Tuesday at the opening of the 14th Private Sector Forum in Baku.

Al Jasser said the forum serves as a platform for advancing trade, investment and regional integration, bringing together governments, investors, entrepreneurs and financial institutions.

“We firmly believe that the private sector is not a supporting actor in development. It is the lead actor,” he said.

The IsDB president thanked Azerbaijan for hosting the Islamic Development Bank Group’s annual meetings and praised the cooperation of the Economy Ministry and AZPROMO in organizing the event.

According to Al Jasser, Islamic Corporation for the Insurance of Investment and Export Credit has insured more than $139 billion in trade and investment flows across 51 member countries since its establishment in 1994, including about $57 billion in transactions among member states.

In 2025 alone, ICIEC helped expand access to finance for nearly 6,000 small and medium-sized enterprises, supported more than 294,000 jobs and facilitated around $890 million worth of essential goods and services in areas including food security, energy and healthcare, he said.

Another IsDB Group affiliate, Islamic Corporation for the Development of the Private Sector, has financed more than 450 projects in 41 countries, with cumulative approvals exceeding $7.1 billion since inception.

Al Jasser also said that International Islamic Trade Finance Corporation has provided nearly $20 billion in trade financing since its creation, including support for SMEs through local and regional banks.

The IsDB Group will continue mobilising finance, mitigating risks and facilitating trade and investment to promote inclusive and sustainable growth across its member countries, he said.

N.Tebrizli