ICD interested in expanding business in Azerbaijan

Business Materials 22 June 2010 16:24 (UTC +04:00)

Azerbaijan, Baku, June 22 / Trend N.Ismayilova /

The Islamic Corporation for Private Sector Development (ICD) is interested in increasing the number of projects in Azerbaijan, ICD CEO Khalid Al-Abudi said at the news conference on the results of conference on business and investment opportunities in Azerbaijan and other CIS countries today.

"The structure funds 7-8 local banks and an agreement for the third line of credit worth $15mln was signed with the International Bank of Azerbaijan June 21," Al-Abudi said.

According to him, the Corporation's portfolio in Azerbaijan reached $51 million.

"We are ready to invest more, but it depends on the availability of ready-made designs that are presented to us. There is great interest in expanding the volume of financing on our side and a number of projects are under consideration," Al-Abudi said.

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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