IsDB Group units sign over $290 mln in agreements with Azerbaijani partners

Units of the Islamic Development Bank (IsDB) Group signed a series of cooperation and financing agreements with Azerbaijani partners on Tuesday, including deals worth more than $290 million aimed at supporting private sector development and trade finance.

The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan’s state oil company SOCAR signed a cooperation agreement to explore financing, investment and advisory opportunities in Azerbaijan. The document was signed by SOCAR President Rovshan Najaf and ICD Acting Chief Executive Khalid Al-Aboodi.

ICD and the Azerbaijan Business Development Fund (ABDF) signed a 200 million manat ($117.6 million) Wakala framework agreement to provide local-currency credit lines to financial institutions supporting private sector financing.

ICD also signed a $50 million framework agency agreement with the Turkic Investment Fund and a $20 million direct financing mandate with Azerconnect Group.

In addition, ICD signed a memorandum of intent with TuranBank on opening a $15 million credit line to expand financing for Azerbaijan’s private sector.

Separately, the International Islamic Trade Finance Corporation (ITFC) signed a $10 million financing agreement with RabitaBank.

N.Tebrizli