The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), 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 of cooperation between the two parties for the furtherance of their respective mandates in several areas of financing and investments.
The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Ruslan Alikhanov, CEO of AIH.
Under the MoU both parties will co-operate in exploring the possibility of supporting the companies under AIH portfolio for the potential issuance of sukuk.
Mr. Sejiny said: “Azerbaijan is a key strategic member country for ICD and we hope, via this partnership, we 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. As such, this partnership perfectly suits the long-term goals of the ICD, and we are happy to be working with AIH toward the achievement of this worthy cause".
Mr. Alikhanov commented: “The Memorandum of Understanding we sign today is the beginning of a relationship in which we learn with and from each other through cooperation in different areas. The collaboration with ICD will allow us to explore the prospect of financing current and future projects of the portfolio companies and thus contribute to economic growth and sustainable development of the country”.
Additionally, both parties recognize the growth potential and investment opportunities in ICD member countries and intend to cooperate and work closely together in raising awareness of the companies under AIH portfolio about the different programs under ICD and other investment opportunities or transactions of mutual interest to both parties.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).About Azerbaijan Investment Holding (AIH):
Azerbaijan Investment Holding (AIH) is a public legal entity that was established according to the Decree of the President of the Republic of Azerbaijan dated 7 August 2020. AIH’s aim is to improve the management system and operation of state-owned companies and enterprises, as well as business entities with a share of state capital, given under its governance on the basis of common principles, improving performance, as well as increasing transparency and economic efficiency of their investment programs, assuring their competitiveness and improving their financial health and standing.
AIH’s mission is increasing the national wealth of the Republic of Azerbaijan and maintaining long-term prosperity of the country with a transparent investment process and dedicated people reflecting the cultural values of AIH.
AIH portfolio companies includes state owned enterprises in energy and natural resources, transport and logistics, public utilities and finance sectors.
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About Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 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 is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information, visit: www.icd-ps.org
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