The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group (IsDBG), has signed a US$10 million Shariah-compliant Line of Financing (LoF) facility agreement with TuranBank Open Joint-Stock Company (TB), Azerbaijan. The LoF facility will be used to finance private sector enterprises including small and medium enterprises (SMEs) affected by the Covid-19 pandemic.
The LoF facility agreement was signed virtually on 23 February 2022 by Mr. Ayman Sejiny, CEO of ICD, and Mr. Fazail Musayev, Chairman of the Board of the Bank. Commenting on the agreement, Mr. Sejiny said: “The LoF facility with TuranBank resonates with ICD’s renewed support to private sector businesses in Azerbaijan.
The LoF facility will result in boosting businesses and preserving jobs. This facility will surely support the development of the private sector in Azerbaijan and the entire Caucasus region in general.” This LoF facility, Mr. Sejiny further said, is in line with ICD’s commitment to assist Azerbaijan and other CIS member states in overcoming the adverse impact of the pandemic on the economy and strengthen their financial condition. The LoF facility will expand the financing of SMEs and other private sector businesses affected by the COVID-19 pandemic.
The funds will be utilized in further developing long-term and affordable financing opportunities for SMEs by diversifying the TB’s financial resources, as well as facilitating the development of the country’s non-oil sector through access to financial resources”, commented Mr. Fazil Musayev. Mr. Musayev also stated that “cooperation with International Financial Institutions is of great importance for us, as it allows us to attract cheaper financial resources to the country’s economy, as well as to improve our activities using the best practices of these institutions. We are proud to note that TuranBank closely cooperates with global leading and influential Financial Institutions such as International Finance Corporation (IFC), Black Sea Trade and Development Bank (BSTDB)..—African Business