AIH and ICD sign MoU to boost private sector

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDBG), and Azerbaijan Investment Holding (AIH) have signed a Memorandum of Understanding (MoU) to establish a framework for cooperation between the two parties, furthering their respective mandates in several areas of financing and investment.

The MoU was signed by Ayman Amin Sejiny, CEO of ICD, and Ruslan Alikhanov, CEO of AIH.

Under the MoU, both parties will cooperate in exploring the possibility of supporting AIH portfolio companies for the potential issuance of sukuk.

Mr. Sejiny stated, “Azerbaijan is a key strategic member country for ICD, and we hope that this partnership will increase our presence in Azerbaijan. This MoU will greatly enhance the development of capital markets in Azerbaijan and facilitate economic development, resulting in a robust private sector. This partnership perfectly aligns with ICD’s long-term goals, and we are pleased to be working with AIH toward this important objective.”

Mr. Alikhanov commented, “The Memorandum of Understanding we are signing today marks the beginning of a relationship in which we will learn with and from each other through cooperation in various areas. Collaboration with ICD will allow us to explore financing prospects for current and future projects of our portfolio companies, thereby contributing to the country’s economic growth and sustainable development.”

Additionally, both parties recognize the growth potential and investment opportunities in ICD member countries and intend to cooperate closely to raise awareness among AIH portfolio companies about ICD’s various programs and other investment opportunities or transactions of mutual interest.

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries by providing financing for private sector projects, promoting competition and entrepreneurship, offering advisory services to governments and private companies, and encouraging cross-border investment. 

ICD is rated ‘A2’ by Moody’s, ‘A-’ by S&P, and ‘A+’ by Fitch. ICD establishes and strengthens cooperation and partnerships to facilitate joint or collective financing. ICD also utilizes financial technology (Fintech) to enhance the efficiency and reach of its financing activities.