ICD – 2023
- Score:
- 2.8
- Position:
- 21 / 21 (Non-sovereign)
Overview
The Islamic Corporation for the Development of the Private Sector (ICD), is the private sector arm of the Islamic Development Bank (IsDB). It was established in 1999 to support the economic development of ICD member countries through the provision of finance for private sector projects. ICD has 54 member countries.
Analysis
ICD performed very poorly in our non-sovereign assessment, coming last with a score of 2.8. At the point of assessment there had been no new projects disclosed since 2018. As such, ICD failed every project-level indicator in the index assessment. There was also a lack of organisational policies and documents providing guidance on either global or community disclosure. As such, ICD came last in all five components.
ICD came last in the Core Information component with a score of 0.75 out of 30. It only scored points for its annual report.
ICD came last in the Impact Management component with a score of 1.25 out of 25. It only scored for indicating which impact standards/initiatives it is aligned to.
ICD did not pick up any points in the ESG and Accountability to Communities component.
ICD came joint last in the Financial Information component, scoring 0.75 out of 10. It only scored for the financial reports/statements indicator.
ICD did not score any points in the Financial Intermediary Sub-investments component, coming joint last with four other non-sovereign DFIs.
Recommendations
- ICD should update its data portal with all recent investments and publish new investments in a timely manner.
- It should disclose more information about its investments, using Publish What You Fund’s DFI Transparency Tool as a framework to guide enhanced transparency.
- ICD should become an IATI publisher and disclose all investments to the IATI Standard.
- It should create an access to information policy in line with industry best practices, including elements assessed within Publish What You Fund’s DFI Transparency Index.
- It should develop organisation-level policies and documents for Impact Management, including an impact management approach, sector/country strategies, and evaluations.
- It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy. It should do this both for global and community disclosure.
- It should create an independent accountability mechanism (IAM) and a policy guiding the disclosure of its presence to project-affected communities.
- ICD should create a policy for the disclosure of FI sub-investments in line with Publish What You Fund’s DFI Transparency Tool.