ICD ready to expand list of partner banks in Azerbaijan
Azerbaijan, Baku, April 2 / Trend I.Khalilova /
The Islamic Corporation for Private Sector Development (ICD), a member of the Islamic Development Bank (IDB), plans to expand the list of partner banks under the expansion funding of small and medium enterprises (SME) in Azerbaijan, a source in the country's financial circles said.
"The corporation plans to allocate $ 40 million to the Azerbaijani banks on SME development," the source said. "To this end, the ICD is in talks with about five or six banks of the country, and the cooperation conditions were sent to them."
The ICD May determine the banks, with which will be established co-operation in the near future. The ICD intends to continue lending to existing partner banks in Azerbaijan.
To date, ICD has invested about 60 million manat in Azerbaijani economy. During its activity in Azerbaijan, ICD has developed work with eight banks, providing loans to the International Bank of Azerbaijan (IBA), Rabita Bank, UniBank, Standard Bank, Turan Bank, etc. Last summer, the corporation allocated to the IBA a loan worth $ 15 million under-nine per cent per annum.
In addition, the corporation has invested through its subsidiaries - Caspian International Investment Company (CIIC) and a leasing company Ansar Leasing (five million manat).
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.