BAKU, Azerbaijan, May 7. The Islamic
Corporation for the Development of the Private Sector (ICD) has
signed 21 agreements as part of its cooperation with Azerbaijan,
Ulan Abylgaziev, the Division Manager of the Line of Finance
Division within the Banking Department of the ICD, said, Trend reports.
He made the announcement at a presentation dedicated to
preparations for the Annual Meeting of the Islamic Development Bank
Group.
Abylgaziev noted that Europe and Central Asia, including
Azerbaijan, account for the largest share of the organization’s
development portfolio, with a significant portion of operations
focused on trade finance.
“As part of our cooperation with Azerbaijan, 21 agreements have
been signed with nine local financial institutions, primarily
commercial banks. The ICD also offers alternative sources of
financing, including instruments compliant with Islamic finance
principles, which is becoming particularly relevant for Azerbaijan
amid the adoption of new business approaches," Abylgaziev
added.
He emphasized that the organization’s activities are focused on
achieving measurable results: targets are set before projects
begin, their impact is monitored throughout the implementation
period, and a final evaluation is conducted upon completion: “All
work is aligned with the UN Sustainable Development Goals (SDGs).
ICD collaborates with both commercial banks and non-bank financial
institutions, including leasing companies, development banks, and
investment and financial organizations.”
