Islamic Corporation for the Development of the Private Sector (ICD) and AzerGold Sign a Memorandum of Understanding
The cooperation aims at exploring the possibility of Sukuk issuance in order to meet growing demand for AzerGold project financing requirements
This MoU, with our partner AzerGold, is yet another example that falls under high level plan to help companies in Azerbaijan to access diversified sources of funding
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 (IsDB) and AzerGold, a closed joint-stock company in the Republic of Azerbaijan, signed a Memorandum of Understanding (“MoU”) during the 46th IsDB Annual Meeting in Tashkent, Uzbekistan on 02 September 2021.
The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Khayyam Farzaliyev, member of the Executive Board and Deputy Chairman at AzerGold.
The cooperation aims at exploring the possibility of Sukuk issuance in order to meet growing demand for AzerGold project financing requirements. Additionally, both parties will explore collaboration activities related to infrastructure projects in Azerbaijan and other potential activities for collaboration related to AzerGold’s operations.
This collaboration between both parties envisages to consult each other for the purpose of developing specific instruments and bringing to the operation the activities as contemplated in this MoU.
Mr. Ayman said, “ICD remain committed to supporting the development of the member countries and will continue to explore ways to do so. This MoU, with our partner AzerGold, is yet another example that falls under high level plan to help companies in Azerbaijan to access diversified sources of funding”.
Mr. Khayyam Farzaliyev stated, “The signing of the Memorandum of Understanding is a significant step towards exploring future opportunities for collaboration between the parties. While AzerGold has a successful experience in attracting funds for the implementation of mining projects from diverse sources within the country, the Company also considers further diversification of the funding sources through international cooperation. We are confident that the discussions to be held would contribute to further elaboration of other potential areas of collaboration.”
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.
“AzerGold” Closed Joint Stock Company, 100% state-owned company, was established in accordance with the Decree no 1047 dated February 11, 2015 by the President of the Republic of Azerbaijan, for studying, research, exploration, management, as well as extraction, processing and sales of ferrous and non-ferrous metals, implementation of new technologies in this field and other activities related to the development of the mining industry. Pursuant to the Presidential Decree no 1174 dated November 05, 2020, AzerGold CJSC is operating under the management of Azerbaijan Investment Holding.
AzerGold Closed Joint-Stock Company is a young and dynamically developing company significantly contributing to the expansion of non-oil exports of Azerbaijan. Along with implementation of innovative approach and cutting-edge technologies, professional staff is one of the key factors providing a basis for our success. Steady and sustainable development prospects of the Company afford ground to evaluate “AzerGold” CJSC as an employer guaranteeing long-term employment. We offer professional career opportunities in engineering, metallurgy, geology, finance and other industry-related fields.