The launching took place on April 29, 2024, in Riyadh, Kingdom of Saudi Arabia, between IsDB President and Group Chairman, Dr. Muhammad Al Jasser, and Dr. Mehmet Şimşek, Minister of Treasury and Finance and IsDB Governor for Türkiye, on the sidelines of the ongoing 2024 IsDB Group Annual Meetings and Golden Jubilee celebrating the 50th establishment anniversary of the Bank.
The CEF aims to support the government in achieving its development targets by addressing some of the critical bottlenecks associated with current and emerging economic and financial challenges. The financing envelope for the IsDB Group's CEF (2024–2026) is tentatively set at US$6.3 billion. It comprises IsDB's public-sector and public-private partnership (PPP) funding of US$2 billion, ITFC (the International Islamic Trade Finance Corporation) financing of US$900 million, ICD (the Islamic Corporation for the Development of the Private Sector) financing of US$300 million, and ICIEC (the Islamic Corporation for the Insurance of Investment and Export Credit), IsDB Group’s investment insurance arm, coverage of US$3.1 billion.