(MENAFN- Trend News Agency) RIYADH, Saudi Arabia, April 30. The IslamicCorporation for the Development of the Private Sector (ICD) hassigned a memorandum of understanding (MOU) with AzerbaijanInvestment Company OJSC, Trend reports.
The signing ceremony took place as part of the IslamicDevelopment Bank Group (IsDB) annual meetings in Riyadh.
This collaboration underscores ICD's commitment to deepening itsengagement and support for private sector initiatives, therebyfostering sustainable economic growth and prosperity inAzerbaijan.
In addition, the ICD also signed a Line of Financing Agreementwith Rabitabank of Azerbaijan, by which it will be providing thebank with a USD 15 million Shariah-compliant line of financefacility to be channeled to finance and support SMEs in Azerbaijan facility again underscores ICD's unwavering dedication toempowering local businesses and contributing to private sectorgrowth and economic development in general in its member countriesin the CIS region.
The 2024 Annual Meetings of the Islamic Development Bank (IsDB)stand as a pivotal moment in the organization's history, marked bya theme encapsulating its five-decade journey of fosteringsocio-economic development:“Cherishing our Past, Charting ourFuture: Originality, Solidarity, and Prosperity.”
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