Baku: TuranBank OJSC, a prominent financial institution in Azerbaijan, has joined forces with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, to secure USD 15 million in funding aimed at supporting private sector projects in Azerbaijan, APA reports. The agreement was formalized during the Private Sector Forum, part of the Islamic Development Bank Group Annual Meetings, with Dr. Khalid Al-Khalafallah, Acting Chief Executive Officer of the ICD, and Orkhan Garayev, Chairman of the Board of TuranBank OJSC, signing the Letter of Intent.

According to Azeri-Press News Agency, the funds will be allocated to finance small and medium-sized enterprises (SMEs) in Azerbaijan, leveraging TuranBank's extensive experience in financing enterprises and its broad service network. This initiative is expected to enhance the SME sector and improve financial accessibility in the nation. The cooperation between TuranBank and the ICD, ongoing since 2008, underscores the deepening reliable partnership between the parties.

TuranBank, established in 1992, is recognized for its stability and reliability in Azerbaijan's financial sector. The Bank operates 22 service points across the country and is known for its transparency, reliability, and social responsibility. TuranBank continues to play a pivotal role in the country's banking sector.

The ICD, a multilateral financial institution and a member of the Islamic Development Bank Group, is committed to supporting economic development in its member countries by providing Shari'ah-compliant finance for private sector projects. The ICD also offers advisory services to encourage the establishment and expansion of private enterprises and holds international ratings from Moody's, S and P, and Fitch.