BAKU, Azerbaijan, September 14. The International Islamic Trade Finance Corporation (ITFC) shows interest in more active participation in financing important projects in Azerbaijan, which is in line with the organization's development plans until 2030, Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC), told reporters, Trend reports.
"Our focus will be on strategic projects such as renewable energy and green finance. We are also going to strengthen our cooperation with small and medium-sized enterprises in Azerbaijan. We have recently signed an important agreement with Rabita Bank, which I am sure will strengthen our partnership and help support the country's development. Importantly, our diverse range of products can be used in both the public and private sectors, as well as in mixed enterprises and state-owned companies," he said.
Hani Salem Sonbol also noted that ITFC is committed to more active cooperation with Azerbaijan and sees great potential to work together with stakeholders, contributing to the development of the region as a whole.
It should be noted that the International Islamic Trade Finance Corporation is a member of the Islamic Development Bank Group and was established with the main purpose of trade development.
The IDB Group maintains strong relations with Azerbaijan and seeks to contribute to its socio-economic development. The Group is implementing projects worth about $1.2 billion in Azerbaijan.
The portfolio includes $956 million in IDB financing, $120.2 million in ICD (Islamic Corporation for the Development of the Private Sector) approved financing, $83.4 million in ITFC trade operations, and $19.4 million in other IDB Group funds and operations.