Baku, Azerbaijan, May 27
By Azad Hasanli - Trend:
Azerbaijan and Islamic Corporation for the Development of the Private Sector (ICD) will discuss the opportunities of financing the country's agriculture, a source on the country's financial market told Trend.
According to the source, these opportunities will be discussed during the visit of a delegation headed by Khaled Al-Aboodi, ICD director general, to Baku May 31.
The source said that the agricultural projects will be financed through the new Food and Agribusiness Fund with an authorized capital of $600 million.
The fund will begin its activity by late 2016 and finance the food chain and value chain in such areas as the production of the resources necessary for agriculture (for example, various chemicals and fertilizers), infrastructure, services, trade, logistics and others.
The fund will mainly focus on the production optimization of the companies working in the field of agriculture and a decrease in their logistics inefficiency.
The ICD has been operating in Azerbaijan since 2003. ICD finances mainly small and medium enterprises in the country. The corporation is the founder of Ansar Leasing and co-founder of the Caspian International Investment Company.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.
ICD was established in November 1999 to finance the private sector of the member-states.