ICIEC to support SOCAR's export expansion and energy projects

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) intends to develop its partnership with the State Oil Company of Azerbaijan (SOCAR) in two key areas, Khalid Khalafalla - Chief Executive Officer of the ICIEC and Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), said in an interview with Report on the sidelines of the Islamic Development Bank Group (IDB) annual meeting in Baku.

"Cooperation with SOCAR will be pursued in two areas. On the one hand, this will involve supporting export credits for SOCAR's international expansion. Within Azerbaijan, we will primarily collaborate with SOCAR on infrastructure projects and renewable energy, ensuring the involvement of international financial institutions in projects developed or promoted by SOCAR," he noted.

"The memorandum of understanding with SOCAR represents a framework for cooperation in renewable energy, infrastructure initiatives, and for promoting Azerbaijani exports in international markets, primarily in OIC (Organization of Islamic Cooperation) member states and the region as a whole," he added.

Full interview is available here