Baku: TuranBank, a key player in Azerbaijan’s banking industry, has entered into a financing agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group.
According to Azerbaijan State News Agency, the agreement entails a USD 15 million Line of Finance from ICD for a five-year term. This financial support aims to bolster Small and Medium-sized Enterprises (SMEs) in Azerbaijan, enhancing access to financial resources within the private sector. This aligns with TuranBank’s mission to promote sustainable economic growth in Azerbaijan.
The new financing facility is a crucial step in advancing TuranBank’s strategic goals, focusing on SME development, expanding private sector financing, and contributing to the diversification of Azerbaijan’s economy. It is expected to stimulate economic activities in various regions and foster the growth of the non-oil sector. This initiative aligns with ICD’s strategic focus on SME growth and private sector development as a driver of sustainable economic progress in member countries.
The agreement was signed by Dr. Khalid Khalafallah, Acting CEO of ICD, and Orkhan Garayev, Chairman of the Management Board of TuranBank. This marks the sixth collaboration between TuranBank and ICD since 2008, highlighting the enduring partnership between the two entities.
TuranBank OJSC, established in 1992, is recognized for its stability and reputable service in Azerbaijan’s financial sector, offering a wide range of services across the country. The bank is known for its transparency and commitment to social responsibility.
ICD, as part of the IsDB Group, supports economic development and private sector growth in member countries, adhering to Shariah principles. It also provides advisory services to encourage the development of private enterprises.