A signing ceremony for several cooperation agreements between the private sector entities of the Islamic Development Bank Group (IsDB Group) and Azerbaijani partners was held in Baku, APA-Economics reports.
At the ceremony, various agreements on financing, investment and credit lines were reached within the framework of the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC), both members of the Islamic Development Bank Group.
As part of the event, an agreement was first signed between the Islamic Corporation (ICD) and the State Oil Company of the Republic of Azerbaijan (SOCAR), providing for cooperation in exploring financing, investment and advisory opportunities in Azerbaijan. The agreement was signed by SOCAR President Rovshan Najaf and Acting Chief Executive Officer of ICD Khalid Al-Aboodi.
Subsequently, a 200 million manat framework wakala agreement was signed between the Islamic Corporation (ICD) and the Azerbaijan Business Development Fund (ABDF). The agreement covers the provision of local currency credit lines to financial institutions in order to support private sector financing in Azerbaijan. The document was signed by Ulvi Mansurov, Chairman of the Management Board of ABDF.
In addition, a $50 million framework agency agreement was signed between the Islamic Corporation (ICD) and the Turkic Investment Fund (TIF). Furthermore, the Islamic Corporation (ICD) and Azerconnect Group signed a mandate letter for direct financing worth $20 million.
At the next stage within the ICD framework, a letter of intent was signed with TuranBank for a $15 million credit line. The purpose of the agreement is to expand private sector financing in Azerbaijan.
Later, a financing agreement worth $10 million was signed between the International Islamic Trade Finance Corporation (ITFC) and RabitaBank.
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