ICD and Azerbaijan's TuranBank Ink USD 10 Million Facility Agreement to Support Private Sector Enterprises
March 07, 2022 | Updated at March 07, 2022
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Email The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan’s TuranBank Open Joint-Stock Company (TuranBank) have inked a Shariah-compliant Line of Financing (LoF) facility agreement worth USD 10 million. The agreement was signed by Mr. Ayman Sejiny, Chief Executive Officer (CEO) of ICD, and Mr. Fazail Musayev, Chairman of the Board of TuranBank, virtually on the 23rd of February 2022.
Why it Matters?
The funds will be used to further develop long-term and affordable financing opportunities for Small and medium-sized enterprises (SMEs) by diversifying the financial resources of TuranBank and facilitating the development of the non-oil sector in Azerbaijan. According to Mr Sejiny, the facility is in line with ICD’s...
