Investing Wisely
Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD)—a multilateral development financial institution and member of the Islamic Development Bank (IsDB) Group—discusses how the organization is working to build networks and support the region’s recovery. What are your key objectives for 2021 and in which economic sectors do you see the main opportunities for successful projects?
Our strategic goal is to be the catalyst for private sector development in all our member countries. In the next 10 years we plan to create and sustain 550,000 jobs in our member countries, reaching 95,000 MSMEs with financial and/or technical assistance, and providing access to Islamic finance for a million people. This year will be critical in terms of achieving and accelerating those accomplishments with our wide range of business offerings and investments.
You recently signed the R2 Covid Support Line of Finance with the IsDB to offset the negative impacts resulting from the pandemic. Can you tell us more about this initiative?
As an immediate response to the socio-economic crisis, the IsDB Group has established a Strategic Preparedness and Response Program. To date, the group has committed up to $2.3 billion in funding to be channeled to its member countries in support of efforts to address the adverse effects on their economies.
The ICD is offering its expertise in implementing line of finance facilities for supporting private sector businesses in member countries. This includes using savings, repurposing idle resources, optimizing projects, and introducing resource mobilization possibilities, allowing for new concepts and dynamic ways of collaboration with member countries. The IsDB Group will establish new partnerships with a network of developers who are keen to contribute to impact investments and sustainable growth in the IsDB Group’s member countries.
The Fintech revolution is transforming the fabric of nations’ economies across the world. What role do you see ICD having in this new financial ecosystem?
The ICD has a vision to become a digital enabler for financial institutions in its member countries. This is achieved by adopting several Fintech initiatives. One of these initiatives is the Bridge Platform, which connects a global network of financial institutions. By creating an online platform that brings together financial institutions in its member countries, ICD aims to use Fintech technologies to accelerate knowledge sharing, market assessments, and specific deals for boosting national economic development and strengthening the capacity of the private sector to support the financing of SMEs.
What is the number one priority for the global financial community today?
The number one priority should be to address the data gaps and reporting challenges of our investments.
Too often, after the investment is made, it dawns on the financial community that follow-up reporting on the contribution of this investment towards the UN’s 2030 Sustainable Development Goals will be challenging, absent of a coherent and comprehensive monitoring process.
Investments into concrete data-reporting systems, coupled with continued partnerships across both regional and international boundaries will be critical in enhancing the development effectiveness of every dollar invested. This will ensure that nations worldwide are able to not only garner investment dollars into much needed development projects, but also ensure that they have the ability to capture the results and data from these investments.
www.icd-ps.org