BAKU, Azerbaijan, May 7. The Islamic Corporation for the Development of the Private Sector (ICD) has signed 21 agreements as part of its cooperation with Azerbaijan, Ulan Abylgaziev, the Division Manager of the Line of Finance Division within the Banking Department of the ICD, said, Trend reports.
He made the announcement at a presentation dedicated to preparations for the Annual Meeting of the Islamic Development Bank Group.
Abylgaziev noted that Europe and Central Asia, including Azerbaijan, account for the largest share of the organization’s development portfolio, with a significant portion of operations focused on trade finance.
“As part of our cooperation with Azerbaijan, 21 agreements have been signed with nine local financial institutions, primarily commercial banks. The ICD also offers alternative sources of financing, including instruments compliant with Islamic finance principles, which is becoming particularly relevant for Azerbaijan amid the adoption of new business approaches," Abylgaziev added.
He emphasized that the organization’s activities are focused on achieving measurable results: targets are set before projects begin, their impact is monitored throughout the implementation period, and a final evaluation is conducted upon completion: “All work is aligned with the UN Sustainable Development Goals (SDGs). ICD collaborates with both commercial banks and non-bank financial institutions, including leasing companies, development banks, and investment and financial organizations.”
