Baku: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has entered into a financing agreement with TuranBank of Azerbaijan.
According to Saudi Press Agency, the ICD will provide a $15 million line of finance over a period of five years. This move aims to support small and medium-sized enterprises (SMEs) in Azerbaijan, enhancing their access to financial resources and aiding the development of the private sector. The agreement was formalized with signatures from ICD acting Chief Executive Dr. Khalid Khalafalla and TuranBank management board chairman Orkhan Garayev.
This latest financing initiative represents the sixth collaboration between TuranBank and the ICD since 2008, further reinforcing the established partnership between the two entities.