BAKU, Azerbaijan, May 7. The International
Islamic Trade Finance Corporation (ITFC) has allocated more than
$83 million in credit lines to the private sector in Azerbaijan,
Yusif Abdullayev, Executive Director of the Azerbaijan Export and
Investment Promotion Agency (AZPROMO), said during a presentation
dedicated to the preparations for the Islamic Development Bank
Group's Annual Meeting in Baku, Trend reports.


According to him, Azerbaijan and the IsDB have a long-standing
and successful partnership: “Azerbaijan has been a member of the
IsDB since 1992. To date, the bank has allocated more than $1
billion under government guarantees for the implementation of 18
completed projects and one ongoing project.”


"In recent years, cooperation with the IsDB Group has become
even more dynamic. A series of high-level meetings and visits have
taken place, including the visit of IsDB Group President Mohammad
Suleiman Al-Jasser to Azerbaijan in 2023, the signing of a
Memorandum of Understanding on the preparation of a Framework
Cooperation Program with Azerbaijan for 2024, as well as ongoing
meetings in 2025 and 2026," Abdullayev said.


He added that these contacts demonstrate a mutual commitment to
expanding cooperation in strategically important areas: "Our
cooperation also includes the IsDB’s Reverse Exchange Program,
aimed at capacity building and knowledge sharing among member
countries. Under this program, Azerbaijan is participating in
initiatives related to cotton farming, water resource management,
digital transformation, public service delivery, financial
inclusion for women, and the development of quality
infrastructure."


According to the executive director, among the areas currently
under discussion, cooperation in infrastructure development, water
resource management, irrigation, transportation infrastructure, and
public utilities is of particular importance: “These areas reflect
Azerbaijan’s development priorities and create opportunities for
practical cooperation on projects that support sustainable resource
management, regional development, and the modernization of public
infrastructure.”







He added that Azerbaijan is also successfully cooperating with
other entities of the IsDB Group.


"The Islamic Corporation for the Development of the Private
Sector (ICD) has provided support in expanding access to financing,
primarily for small and medium-sized enterprises, through credit
lines and private sector financing. ITFC has allocated over $83
million in credit lines to Azerbaijan’s private sector.


Today’s agenda includes presentations by IsDB Group
institutions, specialized sessions on finance and trade, as well as
opportunities for business networking. I am confident that these
discussions will help Azerbaijani companies better understand the
practical tools available to them and identify new opportunities
for cooperation,” he emphasized.