Azerbaijan, Baku, April 3 / Trend A.Hasanov /
Azerbaijani Amrahbank signed a Line of Financing agreement with The Islamic Corporation for the Development of the Private Sector (ICD) worth $2 million, the bank's statement said on Tuesday.
"The financing facility will be extended to the SMEs sector to projects in communication, technology, health, manufacturing, service, retail, industrial, agricultural and other sectors," the statement said.
The agreement was signed by ICD's CEO and General Manager Khaled Al Aboodi and Chairman of the Management Board of Amrahbank Emil Mammadov.
"This Financing Agreement is a milestone towards enhancing the cooperation between Amrahbank and ICD. ICD is a key international financial institution and we welcome their role in providing great support for the development of Small and Medium sized Enterprises in Azerbaijan," Mammadov said.
ICD, established in November 1999, is a multilateral financial institution, member of the Islamic Development Bank Group. Its major shareholder is the IDB along with 51 member countries of ICD, and 5 public financial institutions from its member countries.
The mandate of ICD is to support economic development of its member countries through provision of finance to private sector projects through promoting private sector development.
Amrahbank was established in 1993 and it offers wide range of retail and corporate banking products and services. Recent strategic partnership with the Bahrain based International Investment Bank (through 49% shareholding), has played a key role in further development of various spheres of Amrahbank's activity