BAKU, Azerbaijan, June 19. The Islamic
Corporation for the Development of the Private Sector (ICD)
considers participation in infrastructure projects in Azerbaijan,
Head of Line of Finance at the ICD, Ulan Abylgaziev, told Trend on the sidelines of
the 14th Islamic Development Bank (IsDB) Group Private Sector
Forum.


"ICD intends to expand support for small and medium-sized
businesses (SMEs) in Azerbaijan by attracting financing in national
currency through local banks, and is also considering opportunities
to participate in infrastructure projects related to the
development of the country's transport corridors," he
explained.


According to him, ICD's program is focused on supporting
Azerbaijani SMEs through local financial institutions.


"ICD has been operating in Azerbaijan since 2003, and the
country became the first CIS country where the corporation launched
an SME support program. We have collaborated with approximately ten
banks, both public and private. More than 90 percent of our support
was directed specifically at small and medium-sized businesses. ICD
now intends to scale up this activity and expand the capacity of
local banks to finance SMEs," Abylgaziev mentioned.


He reported that currency risk remains a limiting factor, which
the corporation intends to address in partnership with The Currency
Exchange Fund (TCX).


"TCX is a unique platform through which we can attract local
currency for investment in Azerbaijan. Support from the Azerbaijan
Entrepreneurship Development Fund will ensure access to resources
in manat, which will then be channeled into the country's economy
through local banks to finance small and medium-sized businesses.
The use of funds will be strictly monitored. A key feature of
Islamic finance is that we have visibility into every transaction.
We must know what project the funds are being used for—whether it's
textiles, agriculture, manufacturing, or renewable energy," said
Abylgaziev.







Speaking about ICD's potential participation in projects along
the Middle Corridor, he emphasized that the corporation has project
and infrastructure financing tools and is exploring opportunities
to improve the efficiency of transport routes.


He pointed out Azerbaijan's important role in international
trade due to its geographical location between East and West, North
and South.


"The country effectively utilizes its geographic location and
facilitates the development of trade flows, the movement of goods,
and capital. Given today's geopolitical challenges, the
diversification of trade routes and the availability of alternative
transport options are particularly important. ICD is interested in
developing partnerships with major Azerbaijani companies, including
SOCAR, telecommunications, and infrastructure companies involved in
the development of transport corridors," the official said.


Responding to a question about possible financing for projects
related to the Zangezur Corridor, he noted that all of Azerbaijan's
key transport projects are part of the broader Middle Corridor
infrastructure ecosystem.


"Any key corridors that are part of Azerbaijan's national
strategy become elements of the broader infrastructure ecosystem.
They will receive support from ICD and other entities of the
Islamic Development Bank Group," concluded Abylgaziev.