SOCAR, ICD sign memorandum to explore financing and investment opportunities

Azerbaijan’s state energy company SOCAR and the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, signed a memorandum of understanding to explore financing, investment and advisory opportunities in Azerbaijan.

The memorandum was signed by SOCAR President Rovshan Najaf and ICD Acting Chief Executive Khalid Al-Aboodi on the sidelines of the IsDB Group annual meetings in Baku. 

The agreement is aimed at assessing potential cooperation in financing, investment and advisory services and forms part of a broader package of agreements signed between Azerbaijani institutions and ICD during the event. Total commitments announced alongside the agreements amount to about $295 million. 

ICD has identified Azerbaijan as a priority market for expanding private-sector financing, with future focus areas including financial services, logistics, infrastructure, renewable energy, manufacturing and agribusiness. 

N.Tebrizli