BAKU, Azerbaijan, June 17. Agreements totaling $295 million have been signed between Azerbaijan and Islamic Corporation for Private Sector Development (ICD) at the annual meetings of the Islamic Development Bank (IsDB) Group held in Baku, Trend's correspondent reports from the event.
A number of agreements were exchanged between Azerbaijan and ICD within the framework of the annual meetings.
In this context, an agreement was signed between ICD and the State Oil Company of Azerbaijan (SOCAR) on cooperation in exploring financial, investment, and consulting opportunities in Azerbaijan.
An agreement worth 200 million manat ($117.6 million) was also signed between the Azerbaijan Business Development Fund and ICD. This agreement envisages the provision of credit lines in local currency to financial institutions and the allocation of these funds to finance private sector companies.
In addition, a framework agreement worth $50 million was signed between ICD and the Turkic Investment Fund, a direct financing line worth $20 million was exchanged between ICD and Azerсonnect Group, and a credit line worth $15 million was exchanged between ICD and TuranBank.
The said credit line will be provided to the bank by ICD, and the funds will be allocated to finance companies in the private sector of Azerbaijan that meet the appropriate criteria.
In addition, a term sheet for financing in the amount of $10 million was signed between the International Islamic Trade Finance Corporation (ITFC) and Rabitabank.
