ICD to finance Azerbaijani SMEs
Azerbaijan's Muganbank signed a financing agreement with Islamic Corporation for the Development of the Private Sector (ICD) on a total amount of $3 million.
The ICD line of financing will be used exclusively to finance Small and Medium size enterprises (SMEs) in Azerbaijan in manufacturing, trade, industry, agriculture and other spheres, Muganbank reported.
ICD was established in 1999 and is the private sector arm of the
Islamic Development Bank (IDB), a multilateral development finance
institution. Its key shareholders include IDB along with 51
ICD-member countries and five public financial institutions from
the member countries.
The Mission of ICD is to promote the economic advancement of the
member countries by financing and supporting the growth of the
private sector.