Baku: The Islamic Development Bank Group has a well-established history of cooperation with Azerbaijan, actively supporting several banks through credit lines. The agreement signed today with TuranBank exemplifies this collaboration, stated 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), during the 51st Annual Meeting of the Islamic Development Bank Group in Baku. Khalafalla's remarks were reported by APA-Economics.

According to Azeri-Press News Agency, Khalafalla highlighted the support provided to leasing companies in Azerbaijan to assist small and medium-sized enterprises. He noted that Azerbaijan joined ICIEC as the 49th member in 2023, and since then, business transactions worth USD 164 million have been insured.

Khalafalla emphasized the recent insurance of a significant transaction in the telecommunications sector, which is crucial for the sector's recovery. He also mentioned the potential to support infrastructure projects, including transport. In the past, the Islamic Development Bank Group supported the export of locomotives from Kazakhstan to Azerbaijan for the railway sector, marking it as one of the important projects. Khalafalla concluded by expressing confidence in the potential to support more projects in Azerbaijan in the future.