ICD will discuss prospects of development of its subsidiary leasing company in Azerbaijan

Business Materials 3 March 2010 12:10 (UTC +04:00)

Azerbaijan, Baku, March 3 / Trend U.Ismayilova /

The Islamic Corporation for Private Sector Development (ICD), part of the Islamic Development Bank will send a mission to Baku to assess the activities of its subsidiary - Azerbaijan company Ansar Leasing , Company CEO Jeyhun Nagiyev said.

"During the visit, the corporation' working group intends to conduct an analysis of the leasing market in the country to discuss the future prospects of the Ansar Leasing company," he added.

Leasing portfolio of the Azerbaijani leasing company Ansar Leasing Company founded by Islamic Corporation for the Development of the Private Sector (ICD enters IDB group) hit $500,000. The company intends to bring leasing portfolio up to $15 million by late 2010. The company is covering agriculture, light industry, service and transport vehicles leasing. Pre-payment on leasing projects will be launched from 20 percent in accordance with terms of leasing from 12 to 72 months. Operations will be done in U.S dollars

The Azerbaijani ministry of taxes registered Azerbaijani leasing company OJSC (Ansar Leasing trade mark) in accordance with single window principle on December 12, 2008. The company is the most capitalized one of leasing organizations of the country given level of capital. The company launched its activity from late June in 2009.

So far, ICD has invested $60 million in the Azerbaijani economy. During its activity in Azerbaijan, ICD has been working with eight banks and has also provided loans to the International Bank of Azerbaijan, Rabita Bank, UniBank, Standard Bank, Turan Bank and etc.

In addition, the corporation has invested five million manat through its subsidiaries - Caspian International Investment Company (CIIC), a leasing company Ansar Leasing.

So far, 23 million manats of the company' announced amount of capital investment worth $70 million has been paid. Of these, 17 million manats come from foreign investors.

For foreign investors, the company includes the Kuwait Investment Company Hares Group, the investment company Yemeni Al Ahmar Group, Sudanese MAM Group, Dubai TANMIYAT Group, as well as the Islamic Development Bank.The corporation is likely to enter the country' insurance market.

ICD was founded in 1999 and it is located in Jeddah. The Islamic Corporation for the Development of the Private Sector was established by the IDB. ICD's head office is located in Jeddah, Saudi Arabia.

The ICD supports economic development in member countries through promotion of private sector development. The Islamic Corporation for the Development of the Private Sector also advises governments and private organizations to facilitate the creation, expansion and modernization of private enterprises.

Projects funded by the ICD are selected on the basis of their contribution to economic development.

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