SOCAR, ICD sign memo of understanding

Within the framework of the Annual Meetings of the Islamic Development Bank (IsDB) Group, a Memorandum of Understanding was signed between SOCAR and the Islamic Corporation for the Development of the Private Sector (ICD).

SOCAR told Report that the document envisages the joint exploration of financing opportunities for public-private partnership (PPP) projects in Azerbaijan and other ICD member countries.

Under the Memorandum of Understanding, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. Within this framework, ICD will provide financing solutions tailored to the specific requirements of the projects.

SOCAR President Rovshan Najaf, stated: "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."

The Acting CEO of ICD, Khalid Khalafalla commented: "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."