A number of major agreements were signed between the Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan during the Islamic Development Bank Group’s Annual Meetings currently underway in Baku.

The newly signed documents include a strategic cooperation agreement between the ICD and SOCAR to explore joint opportunities in financing, investment, and consulting within Azerbaijan. Additionally, a 200 million manat agreement was inked between the ICD and the Azerbaijan Business Development Fund, establishing a framework to provide national-currency credit lines to financial institutions for funding qualified private sector enterprises.

Furthermore, a $50 million framework agreement was signed between the ICD and the Turkic Investment Fund, alongside a $20 million direct financing line between the ICD and Azerconnect Group, and a $15 million credit line between the ICD and TuranBank. The credit facility extended to TuranBank will be systematically directed toward financing eligible private sector companies across Azerbaijan.

A financing Term Sheet worth $10 million was also officially exchanged between the International Islamic Trade Finance Corporation (ITFC) and Rabitabank.

The collective value of the signed and exchanged financial documents is estimated at $295 million.