Source: Islamic Corporation for the Development of the Private Sector (ICD) |

ICD signs $10 million LoF facility agreement with TuranBank OJSC, Azerbaijan

The LoF facility will be used to finance private sector enterprises including small and medium enterprises (SMEs) affected by the COVID-19 pandemic

This facility will surely support the development of the private sector in Azerbaijan and the entire Caucasus region in general

BAKU, Azerbaijan, March 3, 2022/APO Group/ --

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), European Bank for Reconstruction and Development (EBRD), Sparkassenstiftung, Eco Trade and Development Bank as well as other reputable microfinance institutions and plans to continue its activities in this direction in the future."

ICD and TB have a long-term partnership dating back to 2008. Having successfully cooperating on four previous LoF facilities, the new facility will mark the 5th facility extended to the bank.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the 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 a 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. For more information, visit: www.ICD-PS.org

About the TuranBank:
TuranBank OJSC was established in 1992. Since its inception, the Bank's goal has been to participate in the development of the country's economy, to provide all types of banking services, and thus to become one of the leading financial institutions in the banking system. For 30 years of operation and having 18 sales points spread all over the country, the Bank adhered to a policy of constant development, strengthened itself in the Azerbaijani banking system, services became better as quantitatively, as well as qualitatively. TuranBank OJSC is one of the key players in the banking system of Azerbaijan, distinguished by its stability and reliability. For more information, visit: https://www.turanbank.az