Baku: Khalid Khalafalla, Head of the Islamic Development Bank Group's Islamic Corporation for the Development of the Private Sector (ICD), announced significant developments during the Islamic Development Bank Group Annual Meetings in Baku. The announcement came at a press conference where Khalafalla discussed the inaugural Private Sector Awards and the expanded opportunities for cooperation realized through the Private Sector Forum.

According to Azeri-Press News Agency, a total of 32 agreements and memorandums of understanding were signed during the Private Sector Forum. This included five agreements with Azerbaijani partners signed during the opening ceremony. The forum featured various sector-specific discussions and introduced a virtual health platform engaging the business community. Over 250 B2B and B2G meetings were conducted, aiming to establish a foundation for new business opportunities.

Khalafalla also highlighted ICIEC's targets for 2025, projecting a business volume of $17.7 billion in trade and investment among member countries. ICIEC's operations are expected to support over 6,000 SMEs through insurance transactions, contributing to the creation of approximately 290,000 jobs. Since Azerbaijan joined ICIEC in 1993, the organization has provided $165 million in business insurance, especially in trade and foreign direct investment in the telecommunications sector. Khalafalla expressed optimism about further business development potential in Azerbaijan.