ICD may allocate $80M to two Azerbaijani companies
Baku, Azerbaijan, Jan. 12
By Azad Hasanli – Trend:
The Islamic Corporation for the Development of the Private Sector (ICD) considers issuing two loans worth about $80 million to Azerbaijani companies, a source in Azerbaijan’s financial market told Trend Jan. 11.
The loans are supposed to cover projects in pharmaceutics and IT, according to the source.
“Two companies from Azerbaijan applied to the ICD for loans, each amounting to about $40 million,” the source said.
No decision concerning these loans has been made yet as the ICD is now holding the initial consideration of applications, according to the source.
It was earlier reported that the ICD was discussing allocating $30 million to Azerbaijan to finance projects in cotton-growing, food and textile industries.
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.
ICD is a part of the Islamic Development Bank (IDB) Group.
Follow the author on Twitter: @AzadHasanli