The Islamic Corporation for Development of the Private Sector (ICD) is discussing an opportunity of allocating $30 million to two Azerbaijani banks and a company.
The agreements might be signed soon. The funds will be used to finance the projects in cotton-growing, food and textile industries.
According to the ICD financing rules, the minimum amount of the loan issued by the corporation is $10 million. Thus, each of the two banks and the company will receive at least $10 million.
The ICD has been operating in Azerbaijan since 2003. ICD finances mainly small and medium enterprises in the country. The corporation is the founder of Ansar Leasing and a co-founder of the Caspian International Investment Company in Azerbaijan.
The ICD is a multilateral development financial institution and is a part of the Islamic Development Bank (IDB) Group. (Trend/Business World Magazine)
