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Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the private sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IDB) Group .Its authorized capital stands at $2.0 billion, of which $1.0 billion is available for subscription. The current subscribed and paid – in capital is $732.880.000 and $460.244.540 respectively its Shareholders consist of the IDB, 49 Islamic member countries, and five public financial institution. Headquartered in Jeddah, ICD was established by the IDB Board of Governors during its 24th annual meeting held in Jeddah in Rajab 1420H (November 1999).
The mandate of ICD is to support economic development of its member countries through provision of finance to private sector projects in accordance with the principles of the Islamic law. ICD finances projects that are specifically geared to creating employment opportunities and boosting export. ICD operates to complement the activities of IDB in member countries and also that of national financial institutions.