IDB entities signs agreements worth $213 mln in Azerbaijan

BAKU. June 17 (Interfax) - The Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC), both members of the Islamic Development Bank (IDB) Group, signed a series of agreements with partners in Azerbaijan totaling $212.6 million.

As reported by Interfax, the exchange of signed agreements took place on Wednesday in Baku during the IDB Group's annual meetings.

Specifically, a cooperation agreement was signed between ICD and the State Oil Company of the Azerbaijan Republic (SOCAR), covering the exploration of investment opportunities and the provision of advisory services in Azerbaijan.

In addition, ICD and the Azerbaijan Business Development Fund signed an agreement worth 200 million manat [$117.6 million at the current exchange rate]. The document defines the framework for cooperation to provide credit lines in national currency to financial institutions for subsequent financing of the Azerbaijani private sector.

Furthermore, ICD and the Turkic Investment Fund signed an agreement for $50 million, ICD and Azerconnect Group signed an agreement for a direct financing line of $20 million, and ICD and Turan Bank signed an agreement for a $15 million credit line. The funds will be used for lending to Azerbaijani private sector enterprises.

A term sheet for $10 million was also signed between the International Islamic Trade Finance Corporation and Rabitabank.