BAKU, Azerbaijan, May 7. The International Islamic Trade Finance Corporation (ITFC) has allocated more than $83 million in credit lines to the private sector in Azerbaijan, Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), said during a presentation dedicated to the preparations for the Islamic Development Bank Group's Annual Meeting in Baku, Trend reports.
According to him, Azerbaijan and the IsDB have a long-standing and successful partnership: “Azerbaijan has been a member of the IsDB since 1992. To date, the bank has allocated more than $1 billion under government guarantees for the implementation of 18 completed projects and one ongoing project.”
"In recent years, cooperation with the IsDB Group has become even more dynamic. A series of high-level meetings and visits have taken place, including the visit of IsDB Group President Mohammad Suleiman Al-Jasser to Azerbaijan in 2023, the signing of a Memorandum of Understanding on the preparation of a Framework Cooperation Program with Azerbaijan for 2024, as well as ongoing meetings in 2025 and 2026," Abdullayev said.
He added that these contacts demonstrate a mutual commitment to expanding cooperation in strategically important areas: "Our cooperation also includes the IsDB’s Reverse Exchange Program, aimed at capacity building and knowledge sharing among member countries. Under this program, Azerbaijan is participating in initiatives related to cotton farming, water resource management, digital transformation, public service delivery, financial inclusion for women, and the development of quality infrastructure."
According to the executive director, among the areas currently under discussion, cooperation in infrastructure development, water resource management, irrigation, transportation infrastructure, and public utilities is of particular importance: “These areas reflect Azerbaijan’s development priorities and create opportunities for practical cooperation on projects that support sustainable resource management, regional development, and the modernization of public infrastructure.”
He added that Azerbaijan is also successfully cooperating with other entities of the IsDB Group.
"The Islamic Corporation for the Development of the Private Sector (ICD) has provided support in expanding access to financing, primarily for small and medium-sized enterprises, through credit lines and private sector financing. ITFC has allocated over $83 million in credit lines to Azerbaijan’s private sector.
Today’s agenda includes presentations by IsDB Group institutions, specialized sessions on finance and trade, as well as opportunities for business networking. I am confident that these discussions will help Azerbaijani companies better understand the practical tools available to them and identify new opportunities for cooperation,” he emphasized.
