Page 9 - ICD AR21 EN

Update on ICD’s COVID-19 response
As you are aware, in April 2020, we committed USD 250 million in emergency funding to assist businesses affected by the pandemic. As at end of 2021, under the special COVID-19 Package, ICD received a total of
25 formal financing requests amounting to more than USD 300 million from over 20 member countries. To date, a total of 12 line of finance transactions equalling USD 169.2 million have been approved under the package, with USD 72.9 million being disbursed.
In addition, two equity transactions have also been approved totalling USD 19.2 million. Moving forward, we pledge to continue channelling our resources efficiently and delivering crucial support to those most vulnerable to the economic impacts of the pandemic.
Supporting innovative solutions
In some of the countries where we work, crises such as conflict and climate change have exacerbated existing economic hardships. 2021 saw the Business Resilience Assistance for Value-Added Enterprises (BRAVE) Women Program come to fruition in Nigeria with commendable milestones accomplished, where specialized business training and financial support helped women-led businesses improve their resilience and serve as an engine for innovation, growth, and employment of more women. We also signed three new advisory mandates consisting of a liability management exercise for the Maldives and two subsequent tap issuances, helping the country
reduce its short-term refinancing risk and ensuring its steady path to recovery. In total, ICD was able to raise USD 5.2 billion from the sukuk market in 2021, ranking it among the top (13th place) on the Bloomberg league tables for International Sukuk and US Dollar International Sukuk.
Forging partnerships
Building ecosystems with shared purpose, principles and progress requires a more coordinated approach.
In 2021, ICD achieved important business synergies with the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Insurance
of Investment and Export Credit (ICIEC) with the establishment of a Technical Coordination Committee (TCC) to promote cross-selling and deal sharing. I had the honour of chairing the 2021 TCC CEO meetings and am proud of the achievements we have made in the year in terms of engagements, shared deal pipeline and approvals. As at year end, the TCC enabled the entities to share more than 35 deals with a total value of
USD 1.8 billion in 19 different member countries. In addition, the entities also co-invested in nine sukuk transactions with a total value of over USD 617 million.
Moving forward, we
pledge to continue channelling our resources efficiently and delivering crucial support to those most vulnerable to the economic impacts of the pandemic.
MESSAGE FROM THE CHIEF EXECUTIVE
STRONGER TOGETHER 7