By Rashid Shirinov
Azerbaijan and the Islamic Corporation for the Development of the Private Sector (ICD) will discuss the opportunities of funding the country’s agriculture sector.
The delegation headed by ICD CEO Khaled al-Aboodi, will visit Baku on May 31 to discuss the issue with the country’s officials.
The financing of agricultural projects can be implemented by the means of the newly-established Fund of Food and Agribusiness with a share capital of $600 million.
The Fund will start its operation within 2016 and will assist local agricultural companies in terms of increasing their business optimization and reducing their logistic problems.
Islamic Corporation for the Development of the Private Sector is a multilateral development financial institution, which was founded in 1999 and is based in Jeddah, Saudi Arabia. ICD operates as a subsidiary of Islamic Development Bank Group (IDB). The number of current ICD members reaches 52 countries.
ICD was designed to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.
ICD operates in Azerbaijan since 2003. Mostly small and medium enterprises get support from the corporation. ICD is the founder of Azerbaijan leasing company and a co-founder of Caspian International Investment Company. As of 2014, ICD had invested over $ 99.3 million in Azerbaijan’s economy.
Projects financed by ICD are selected on the basis of their contribution to economic development, taking into consideration such factors as creating jobs and contribution to export development. ICD also consults with governments and private sector groups. It assists with expansion and modernization of private enterprises, to develop capital markets and improve management. ICD also supplements the IDB activities in member countries and national financial institutions.
Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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