TuranBank OJSC, one of the leading financial institutions in Azerbaijan, and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, have signed a Letter of Intent to attract USD 15 million in funding to support private sector projects in Azerbaijan.
The signing ceremony took place at the opening event of the Private Sector Forum, held as part of the Islamic Development Bank Group Annual Meetings.
The Letter of Intent was signed by Dr. Khalid Al-Khalafallah, Acting Chief Executive Officer of the ICD, and Orkhan Garayev, Chairman of the Board of TuranBank OJSC.
The attracted funds will be directed towards financing the projects of small and medium-sized enterprises (SMEs) operating in the country. With strong experience in financing micro, small, and medium enterprises and a wide service network, TuranBank will ensure the efficient and prompt delivery of these resources to entrepreneurs through its existing infrastructure. In addition to meeting the financial needs of small enterprises, this project will significantly contribute to the development of the SME sector and increase financial accessibility in our country.
For information, the cooperation between TuranBank and the ICD has been ongoing since 2008. This Memorandum is a clear example of further deepening the long-standing reliable cooperation existing between the parties.
About TuranBank
TuranBank OJSC was established in 1992 and is recognized as one of
the most stable and reliable institutions operating in the
Azerbaijani financial sector. The Bank offers its customers a wide
range of financial services in line with international
standards.
Currently operating with 22 service points across the country, TuranBank has demonstrated sustainable growth throughout its 34 years of activity. Distinguishing itself through its commitment to the principles of transparency, reliability, and social responsibility, the Bank continues to play an important role in the country's banking sector.
For more information: www.turanbank.az
About ICD
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral financial institution and a member of the Islamic Development Bank Group. The primary mission of the Corporation is to support the economic development of its member countries through the provision of finance for private sector projects in accordance with the principles of Shari'ah.
ICD also provides advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises.
ICD holds the following international ratings: Moody’s – A2, S&P – A, Fitch – A+.
Contact:
Nabil El-Alami – Head of Communications and Corporate Marketing
Department
E-mail:[email protected]
Website: www.icd-ps.org
