BAKU, Azerbaijan, June 17. Agreements totaling
$295 million have been signed between Azerbaijan and Islamic
Corporation for Private Sector Development (ICD) at the annual
meetings of the Islamic Development Bank (IsDB) Group held in Baku,
Trend's
correspondent reports from the event.
A number of agreements were exchanged between Azerbaijan and ICD
within the framework of the annual meetings.
In this context, an agreement was signed between ICD and the
State Oil Company of Azerbaijan (SOCAR) on cooperation in exploring
financial, investment, and consulting opportunities in
Azerbaijan.
An agreement worth 200 million manat ($117.6 million) was also
signed between the Azerbaijan Business Development Fund and ICD.
This agreement envisages the provision of credit lines in local
currency to financial institutions and the allocation of these
funds to finance private sector companies.
In addition, a framework agreement worth $50 million was signed
between ICD and the Turkic Investment Fund, a direct financing line
worth $20 million was exchanged between ICD and Azerbaijan Connect
Group, and a credit line worth $15 million was exchanged between
ICD and TuranBank.
The said credit line will be provided to the bank by ICD, and
the funds will be allocated to finance companies in the private
sector of Azerbaijan that meet the appropriate criteria.
In addition, a term sheet for financing in the amount of $10
million was signed between the International Islamic Trade Finance
Corporation (ITFC) and Rabitabank.
