BAKU, Azerbaijan, June 17. A memorandum of understanding (MoU) for public-private partnership (PPP) projects has been signed between SOCAR and the Islamic Corporation for Private Sector Development (ICD) of the Islamic Development Bank (IsDB) Group within the framework of the group's annual meetings on June 17.
This was announced in the report by SOCAR.
According to SOCAR, the document envisages a joint study of financing opportunities for PPP projects in Azerbaijan and other ICD member countries.
Under the MoU, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. In this context, ICD will offer financial solutions tailored to the requirements of the projects.
SOCAR President Rovshan Najaf shared details of the document.
"The Memorandum of Understanding opens significant opportunities for the development of future cooperation between the parties on energy projects. The document is important in terms of facilitating joint efforts on projects that may be implemented in Azerbaijan and other member countries of ICD, as well as exploring suitable financing mechanisms and identifying potential areas of cooperation," he said.
Acting CEO of the ICD, Khalid Khalafalla, also spoke about the document.
"This partnership with SOCAR marks a significant step in ICD's strategy to mobilize private capital across our member countries. By combining SOCAR's energy expertise with ICD's Shariah-compliant financing, we are advancing PPP projects that will drive economic growth in Azerbaijan and beyond, in line with the IsDB Group's development priorities," he added.
