The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB) and AzerGold, a closed joint-stock company in the Republic of Azerbaijan, have signed a Memorandum of Understanding (“MoU”) during the 46th IsDB Annual Meeting in Tashkent, Uzbekistan.

The MoU was signed by Ayman Amin Sejiny, CEO of ICD and Khayyam Farzaliyev, member of the Executive Board and Deputy Chairman at AzerGold.

The cooperation aims at exploring the possibility of Sukuk issuance in order to meet growing demand for AzerGold project financing requirements. Additionally, both parties will explore collaboration activities related to infrastructure projects in Azerbaijan and other potential activities for collaboration related to AzerGold’s operations.

This collaboration between both parties envisages to consult each other for the purpose of developing specific instruments and bringing to the operation the activities as contemplated in this MoU.

Ayman Amin Sejiny said: “ICD remain committed to supporting the development of the member countries and will continue to explore ways to do so. This MoU, with our partner AzerGold, is yet another example that falls under high level plan to help companies in Azerbaijan to access diversified sources of funding.”

Khayyam Farzaliyev stated: “The signing of the Memorandum of Understanding is a significant step towards exploring future opportunities for collaboration between the parties. While AzerGold has a successful experience in attracting funds for the implementation of mining projects from diverse sources within the country, the Company also considers further diversification of the funding sources through international cooperation. We are confident that the discussions to be held would contribute to further elaboration of other potential areas of collaboration.”

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments.

Source: Azerbaijan State News Agency