BAKU, Azerbaijan, June 17. A memorandum of
understanding (MoU) for public-private partnership (PPP) projects
has been signed between SOCAR and the Islamic Corporation for
Private Sector Development (ICD) of the Islamic Development Bank
(IsDB) Group within the framework of the group's annual meetings on
June 17.
This was announced in the report by SOCAR.
According to SOCAR, the document envisages a joint study of
financing opportunities for PPP projects in Azerbaijan and other
ICD member countries.
Under the MoU, the parties will identify and evaluate financing
opportunities for project companies established by SOCAR and its
joint venture partners. In this context, ICD will offer financial
solutions tailored to the requirements of the projects.
SOCAR President Rovshan Najaf shared details of the
document.
"The Memorandum of Understanding opens significant opportunities
for the development of future cooperation between the parties on
energy projects. The document is important in terms of facilitating
joint efforts on projects that may be implemented in Azerbaijan and
other member countries of ICD, as well as exploring suitable
financing mechanisms and identifying potential areas of
cooperation," he said.
Acting CEO of the ICD, Khalid Khalafalla, also spoke about the
document.
"This partnership with SOCAR marks a significant step in ICD's
strategy to mobilize private capital across our member countries.
By combining SOCAR's energy expertise with ICD's Shariah-compliant
financing, we are advancing PPP projects that will drive economic
growth in Azerbaijan and beyond, in line with the IsDB Group's
development priorities," he added.
