RIYADH, Saudi Arabia, April 30. The Islamic Corporation for the Development of the Private Sector (ICD) has signed a memorandum of understanding (MOU) with Azerbaijan Investment Company OJSC, TurkicWorld reports.
The signing ceremony took place as part of the Islamic Development Bank Group (IsDB) annual meetings in Riyadh.
This collaboration underscores ICD's commitment to deepening its engagement and support for private sector initiatives, thereby fostering sustainable economic growth and prosperity in Azerbaijan.
In addition, the ICD also signed a Line of Financing Agreement with Rabitabank of Azerbaijan, by which it will be providing the bank with a USD 15 million Shariah-compliant line of finance facility to be channeled to finance and support SMEs in Azerbaijan. This facility again underscores ICD's unwavering dedication to empowering local businesses and contributing to private sector growth and economic development in general in its member countries in the CIS region.
The 2024 Annual Meetings of the Islamic Development Bank (IsDB) stand as a pivotal moment in the organization’s history, marked by a theme encapsulating its five-decade journey of fostering socio-economic development: "Cherishing our Past, Charting our Future: Originality, Solidarity, and Prosperity."
