(MENAFN- Trend News Agency)
The Islamic Corporation for the Development of the Private
Sector (ICD), the private sector arm of the Islamic
Development bank Group (IsDB), and the Alat Free Economic Zone
Authority (AFEZA) of the Republic of Azerbaijan have signed a
Memorandum of Understanding (“MoU”).
The MoU was signed by Mr. Ayman Amin Sejiny, CEO of ICD, and Mr.
Valeh Alasgarov, Chairman of the Board of Directors, AFEZA.
The MoU aims at exploring the possibility of providing
diversified sources of funding to meet the growing demand of
companies registered at AFEZ. Additionally, both parties will
explore the possibility to organize joint activities to promote
AFEZA as a Free Economic Zone to ICD member countries.
This collaboration between both parties envisages consulting
each other for the purposes of developing specific instruments and
bringing to operation the activities as contemplated in the
MoU.
ICD remains committed to supporting the development of the
member countries including Azerbaijan. This MoU, with AFEZA is
another illustration of ICD's high-level plan to help companies
registered at AFEZ to access diversified sources of funding.
About AFEZA
The Alat Free Economic Zone and Alat Free Economic Zone
Authority were established according to the decree of the President
of the Republic of Azerbaijan dated May 22, 2020. The establishment
of AFEZA plays a central role in facilitating Azerbaijan in
becoming a highly competitive participant in international economic
relations with a diversified and export-oriented economy, as well
as creating an attractive business environment with modern energy,
transportation, and logistical infrastructure.
With its investor-centric mindset and prevailing and
business-friendly legislation, AFEZA delivers a world-class place
for its investors to do business at the strategic geographic
location next to the Port of Baku and global transport
corridors.
AFEZA will serve the needs of businesses that are involved in
high value-added and export-oriented manufacturing and
international services, using innovative technologies and
approaches to work in accordance with best international
standards.
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About ICD
The Islamic Corporation for the Development of the Private
Sector (ICD) is a multilateral development financial institution
and is a 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: - Twitter: @ICD_PS
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