In order to provide more support to small and medium enterprises in Azerbaijan, Turan Bank and the private sector arm of the Islamic Development Bank (IsDB) Group, the Islamic Corporation for the Development of the Private Sector (ICD) have agreed on a financing deal.
According to the agreement, ICD will open a line of credit of USD 15 million for five years which will be used to increase the accessibility of financial resources to SMEs, and stimulate the overall financing of the private sector.
It is also expected that this program will revitalize the economy of the regions and promote the diversification of Azerbaijan’s economy away from the oil sector.
The agreement was signed by Dr. Khalid Khalafallah, Acting CEO of ICD, and Orkhan Garayev, Chairman of the Management Board of Turan Bank.
This is the sixth facility that Turan Bank and ICD have jointly mobilized since 2008, which represents a testament to the good and reliable partnership between the two institutions.
Both organizations highlighted that this financing fits within their shared objectives to promote private-sector development and contribute to the sustainable economic growth of member countries.