By Ayomide Otitoju
Turan Bank, a prominent entity in Azerbaijan’s banking industry known for its robust international collaborations, has officially signed 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.
The agreement outlines a USD 15 million Line of Finance, designated for a five-year term, aimed at bolstering Small and Medium-sized Enterprises (SMEs) in Azerbaijan. This initiative is part of Turan Bank’s commitment to enhancing access to financial resources for the private sector and fostering sustainable economic growth within the country.
This financing arrangement marks a pivotal advancement in Turan Bank’s strategic goals, particularly in the enhancement of SME development, expansion of private sector financing, promotion of Islamic finance, and the diversification of Azerbaijan’s economy. The initiative is anticipated to stimulate economic activity across various regions of the country, specifically targeting the growth of the non-oil sector. It aligns seamlessly with ICD’s strategic emphasis on nurturing SMEs and supporting private sector development as a catalyst for sustainable economic progress among its member nations.
The agreement was signed by Dr. Khalid Khalafallah, Acting CEO of ICD, and Orkhan Garayev, Chairman of the Management Board at Turan Bank.
This collaboration represents the sixth partnership between Turan Bank and ICD since 2008, underscoring a long-standing and reliable alliance aimed at driving economic growth in Azerbaijan.
