ICD to Expand Cooperation with Azerbaijan
Azerbaijan, Baku / Trend corr I. Khalilova / The Islamic Corporation for the Development of the Private Sector (ICD) voiced its readiness to expand cooperation with Azerbaijan. The manager of ICD, Ali Suleyman, reported at a meeting with the Azerbaijani Economic Development Minister, Heydar Babayev that talks with Bank Standard and TuranBank were in progress. For development of the private sector in Azerbaijan without the State's participation the corporation opened credit lines for the International Bank of Azerbaijan, Unibank and Rabitаbank.
The guest informed of the activities of the ICD, which was established in 1999 and is located in Jeddah. The authorized capital of the corporation makes up $1bln, with 50% of the stock owned by the Islamic Development Bank, 30% to countries that joined ICD and 20% to financial institutions. ICD has invested in 20 countries so far.
The minister voiced his readiness to render any assistance in expansion of cooperation with the ICD.