Azerbaijan’s SOCAR, ICD sign deals to boost financing, investment

Azerbaijan’s State Oil Company SOCAR has exchanged several agreements with the Islamic Corporation for the Development of the Private Sector (ICD) during the annual meetings of the Islamic Development Bank (IsDB) Group held in Baku.

The agreements aim at exploring opportunities for financing, investment, and advisory services in Azerbaijan, Caliber.Az reports, citing local media.

In addition, ICD and the Azerbaijan Business Development Fund exchanged an agreement worth 200 million manats ($117.6 million), establishing a framework for local-currency credit lines to financial institutions for onward lending to eligible private-sector companies in Azerbaijan.

The parties also signed a $50 million framework agreement between ICD and the Turkic Investment Fund, a $20 million direct financing agreement with Azerconnect Group, and a $15 million credit line agreement with Turan Bank, intended to support financing for Azerbaijani private-sector enterprises.

Separately, the International Islamic Trade Finance Corporation (ITFC) and Rabitabank signed a $10 million financing term sheet.

The total value of the agreements is estimated at more than $212 million.

By Bakhtiyar Abbasov