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.
