The Islamic Development Bank (IDB) Group, through the Islamic Corporation for Private Sector Development (IDC), has signed a USD 10 million Shariah Compliant Credit Facility Agreement with TuranBank Azerbaijan. These resources should make it possible to finance private sector companies operating in the country, including small and medium-sized enterprises (SMEs) affected by the Covid-19 pandemic.
“The funds will be used to further develop long-term funding opportunities. This by diversifying financial resources and developing the country’s non-oil sector,” commented Fazil Musayev, Chairman of the Board of Directors of TuranBank.
Established in November 1999, ICD works for sustainable economic growth in its 55 member countries by financing private sector investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.