The Islamic Development Bank Group has a long history of cooperation with Azerbaijan. We have actively supported several banks through credit lines. The agreement signed today with TuranBank is also a good example of this, speaking to journalists on the sidelines of the 51st Annual Meeting of the Islamic Development Bank Group in Baku, Khalid Khalafalla, Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), said, APA-Economics reports.
"We also support leasing companies in Azerbaijan so that they can assist small and medium-sized enterprises. From the ICIEC side, Azerbaijan joined as the 49th member in 2023. Since then, we have insured business transactions worth a total of USD 164 million," he noted.
"Most importantly, we recently insured a significant transaction in the telecommunications sector. This is particularly important in terms of the recovery of the telecommunications sector. In addition, we have the potential to support infrastructure projects, including transport. In the past, we also supported the export of locomotives from Kazakhstan to Azerbaijan for the railway sector. This is one of the important projects for us. Overall, we have performed well in Azerbaijan and have the potential to support more projects in the future," he added.
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