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ICD stands by to render assistance in FTZ creation

31 May 2016 15:36 (UTC+04:00)
ICD stands by to render assistance in FTZ creation

By Nigar Abbasova

The Islamic Corporation for the Development of the Private Sector (ICD) is interested in rendering consulting services to Azerbaijan associated with the creation of free-trade zone.

In this regard a delegation headed by Khaled Al-Aboodi, ICD director general will pay a visit to Azerbaijan on May 31. The meeting between ICD director general and Azerbaijan Economy minister Shahin Mustafayev is expected to be held within the framework of the visit.

Among the issues to be on the highest agenda during the meeting are the possibility of using Sukuk,which stands for bonds granting the investor a share of an asset, as well as other financial instruments. The sides will also discuss the issues of attracting additional funds to Azerbaijan’s economy and allocating resources by the ICD for strategic projects.

Being located in the Alat settlement of Baku’s Garadagh district including the territory of Azerbaijan’s Baku Sea Trade Port special economic area is considered to be a milestone of Azerbaijan's policy to strengthen the country's position as a regional logistics and transportation hub. Creating the free trade zone is expected to give an impetus to the development of transport-logistical industry, pharmaceutical cluster, and bases for the supply of oil plants as well as the spheres of manufacturing, packing and labeling.

Advantageous geographical position at the crossroads of Europe and Asia nearby such important markets such as China, Turkey, Iran and Russia opens huge opportunities for the special economic area to become one of the leading trade and logistics hubs of Eurasia

Azerbaijan and ICD will also discuss the country's participation in regional funds created by Islamic corporation as well as in the ICD Food and Agribusiness funds which is expected to begin its activity by late 2016. The fund is considered to finance the food chain and value chain in such areas as the production of resources necessary for agriculture, infrastructure, trade, and logistics.

Being established in November 1999 the ICD supports the economic development of its member countries through providing finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments. The corporation launched its operations in Azerbaijan in 2003. It provides funds for small and medium enterprises in the country.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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