ICD to focus on scaling up its activities in Azerbaijan

BAKU, Azerbaijan, June 16. The Islamic
Corporation for the Development of the Private Sector (ICD) has
named the focus areas of cooperation with Azerbaijan in coming
years.

“Looking ahead, the ICD will focus on scaling up its activities
in Azerbaijan by mobilizing local currency funds to provide
long-term sustainable financing to businesses and expanding its
sector coverage. The future interventions will place particular
emphasis on financial services, logistics and transport,
infrastructure, renewable energy and power, manufacturing, and
agribusiness,” reads the latest report of the Islamic Development
Bank (IsDB) on Azerbaijan.

Recognizing the strategic importance of food security, the ICD
prioritizes the development of agribusiness and food processing
industries in Azerbaijan.

“It explores financing opportunities for local food processing
companies with strong export potential to the markets of the
Commonwealth of Independent States and the Gulf Cooperation
Council, while fostering partnerships with the
Azerbaijan-Uzbekistan Fund and the Azerbaijan-Kazakhstan Fund to
enhance co-financing and parallel financing opportunities for
private sector enterprises across the member countries,” the report
says.

In addition, the ICD leverages its expertise in Sukuk to design
innovative capital market solutions that enable the country’s
companies to raise financing from global investors in compliance
with Islamic finance principles.

“Through these initiatives, the ICD continues to play an
instrumental role in supporting Azerbaijan’s private sector growth,
strengthening regional trade links, and promoting a dynamic,
resilient and inclusive economy, anchored in sustainable Islamic
finance practices,” notes the IsDB.

ICD has been a long-standing development partner of Azerbaijan,
playing a pivotal role in strengthening the country’s private
sector and advancing Islamic finance solutions.

Since its inception, the ICD has been supporting Azerbaijan’s
private sector enterprises through Shariah-compliant financing,
equity participation, and advisory services, helping in promoting
entrepreneurship, job creation, and sustainable economic growth.
The ICD has deployed a total of US$165.2 million in Azerbaijan’s
private sector. Out of 17 operations, 4, accounting for US$52
million, are still active and 13, totaling US$113.2 million, have
been completed. The ICD’s approvals are mostly intended to support
the finance sector (US$145.2 million or 88% of the funds) and the
real estate sector (US$20 million).