ICD, Azerbaijani partners sign documents worth $200M

A number of agreements were exchanged between the Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijani partners during the annual meetings of the Islamic Development Bank (IsDB) Group in Baku.

According to Report, ICD and SOCAR exchanged a cooperation agreement aimed at exploring opportunities for financing, investment, and advisory services in Azerbaijan.

In addition, ICD and the Azerbaijan Business Development Fund exchanged an agreement worth 200 million manats ($117.6 million). The document establishes a framework for providing local-currency credit lines to financial institutions for onward lending to eligible private-sector companies in Azerbaijan.

The parties also exchanged a $50 million framework agreement between ICD and the Turkic Investment Fund, a $20 million direct financing agreement between ICD and Azerconnect Group, and a $15 million credit line agreement between ICD and Turan Bank. The funds will be provided to the bank for further financing of eligible Azerbaijani private-sector enterprises.

Additionally, the International Islamic Trade Finance Corporation (ITFC) and Rabitabank exchanged a $10 million financing term sheet.

The total value of the signed documents is estimated at more than $212 million.