Key Outcomes from Islamic Development Bank's (IsDB) 14th Private Sector Forum in Azerbaijan 2026

The Islamic Development Bank Group (IsDBG) (www.IsDB.org) affiliated institutions organized the 14^th Private Sector Forum from June 16 to 19, 2026, at Baku Convention Center in Baku (Republic of Azerbaijan). The forum was convened on the sidelines of the Group’s annual meetings, under the high patronage of His Excellency 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, His Excellency Dr. Mohammed 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”

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.

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 mobilized significant 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, the corporation 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 14^th 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).