BAKU, Azerbaijan, June 16. The Islamic Corporation for the Development of the Private Sector (ICD) has named the focus areas of cooperation with Azerbaijan in coming years.
“Looking ahead, the ICD will focus on scaling up its activities in Azerbaijan by mobilizing local currency funds to provide long-term sustainable financing to businesses and expanding its sector coverage. The future interventions will place particular emphasis on financial services, logistics and transport, infrastructure, renewable energy and power, manufacturing, and agribusiness,” reads the latest report of the Islamic Development Bank (IsDB) on Azerbaijan.
Recognizing the strategic importance of food security, the ICD prioritizes the development of agribusiness and food processing industries in Azerbaijan.
“It explores financing opportunities for local food processing companies with strong export potential to the markets of the Commonwealth of Independent States and the Gulf Cooperation Council, while fostering partnerships with the Azerbaijan-Uzbekistan Fund and the Azerbaijan-Kazakhstan Fund to enhance co-financing and parallel financing opportunities for private sector enterprises across the member countries,” the report says.
In addition, the ICD leverages its expertise in Sukuk to design innovative capital market solutions that enable the country’s companies to raise financing from global investors in compliance with Islamic finance principles.
“Through these initiatives, the ICD continues to play an instrumental role in supporting Azerbaijan’s private sector growth, strengthening regional trade links, and promoting a dynamic, resilient and inclusive economy, anchored in sustainable Islamic finance practices,” notes the IsDB.
ICD has been a long-standing development partner of Azerbaijan, playing a pivotal role in strengthening the country’s private sector and advancing Islamic finance solutions.
Since its inception, the ICD has been supporting Azerbaijan’s private sector enterprises through Shariah-compliant financing, equity participation, and advisory services, helping in promoting entrepreneurship, job creation, and sustainable economic growth. The ICD has deployed a total of US$165.2 million in Azerbaijan’s private sector. Out of 17 operations, 4, accounting for US$52 million, are still active and 13, totaling US$113.2 million, have been completed. The ICD’s approvals are mostly intended to support the finance sector (US$145.2 million or 88% of the funds) and the real estate sector (US$20 million).
