Baku: 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 event, 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.

According to Azeri-Press News Agency, the ceremony witnessed the signing of an agreement between the Islamic Corporation (ICD) and the State Oil Company of the Republic of Azerbaijan (SOCAR). This agreement aims at exploring financing, investment, and advisory opportunities in Azerbaijan, and was signed by SOCAR President Rovshan Najaf and Acting Chief Executive Officer of ICD Khalid Al-Aboodi.

Additionally, a 200 million manat framework wakala agreement was signed between the Islamic Corporation (ICD) and the Azerbaijan Business Development Fund (ABDF). This agreement focuses on providing local currency credit lines to financial institutions to support private sector financing in Azerbaijan, with Ulvi Mansurov, Chairman of the Management Board of ABDF, signing the document.

In further developments, the Islamic Corporation (ICD) signed a $50 million framework agency agreement with the Turkic Investment Fund (TIF). Moreover, a mandate letter for direct financing worth $20 million was signed between the Islamic Corporation (ICD) and Azerconnect Group.

As part of the ongoing initiatives within the ICD framework, a letter of intent was signed with TuranBank for a $15 million credit line, aimed at expanding private sector financing in Azerbaijan. Subsequently, a financing agreement worth $10 million was signed between the International Islamic Trade Finance Corporation (ITFC) and RabitaBank.