Baku, Azerbaijan, Sept. 6
By Azad Hasanli – Trend:
The Islamic Corporation for Development of Private Sector (ICD) is ready to finance the projects of residents of the free trade zone (FTZ), which is being created in Alat settlement in Baku’s Garadagh district, a source in the ICD told Trend Sept. 6.
The FTZ is being created upon the Azerbaijani president’s order dated March 17, 2016.
It will cover the territory of the new Baku International Sea Trade Port.
A delegation led by ICD Director General Khaled Al-Aboodi visited Baku in late May to discuss the cooperation as part of the FTZ.
“Azerbaijan is preparing the legislation necessary for the activity of FTZs in the country,” the source said. “After a legal framework is created for FTZ, the ICD will be able to take part in financing of projects in Alat settlement."
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 a co-founder of the Caspian International Investment Company in Azerbaijan.
The ICD is a multilateral development financial institution and is a part of the Islamic Development Bank (IDB) Group.