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ICD intensifies activity in Azerbaijan

Business Materials 1 October 2015 19:45 (UTC +04:00)

Baku, Azerbaijan, Oct. 1

By Azad Hasanli - Trend:

The Islamic Corporation for the Development of Private Sector (ICD) is considering an opportunity to implement new projects in Azerbaijan, a source in the corporation told Trend Oct. 1.

"Currently, ICD analyzes the various projects in the areas of health, food processing, retail, small and medium businesses, as well as Islamic window for banks," the source said.

The source said that the cost of each project is at least $ 15 million.

"All projects have great potential, but a concrete decision has not been taken yet," the source said, adding that as a rule, Azerbaijani projects have a good ranking.

However, the source said that all projects cover Baku.

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 co-founder of the Caspian International Investment Company.

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.

ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and encouraging cross border investments.

Edited by CN

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