ICD identifies areas for co-op with Azerbaijan's private sector

The Islamic Corporation for the Development of the Private Sector (ICD) is considering strategic investment opportunities in mining, construction, cement production, cotton growing and industrial production in Azerbaijan, Report informs referring to ICD.

The move was announced during the visit to Baku of the corporation's delegation led by Chief Investment Officer Bahaa Aldin Yahya Kirimly, which held meetings with a number of private companies, including R Group Holding, AS Group Investment, Arkoz Sement, Prime Cotton, and UNICO CJSC.

"ICD is strategically targeting sectors such as mining, construction, cement production, cotton production, and manufacturing, with a focus on transformative co-investment opportunities in iodine extraction, solar energy, sustainable construction, and food processing. These collaborations aim to drive economic development, empower SMEs, and support private sector growth across Azerbaijan," ICD noted.

The ICD delegation is in Azerbaijan on a three-day visit, the main goal of which is to deepen interaction with the private sector. Previously, representatives of the corporation held talks with the Central Bank of Azerbaijan (CBA), the Entrepreneurship Development Fund under the Ministry of Economy and the Azerbaijan Investment Company OJSC (AIC).

During the discussions with the CBA, the importance of sukuk as a tool for attracting financial resources to support the private sector was emphasized. ICD also expressed its readiness to provide financial and technical support to the Fund’s and AIC’s programs aimed at developing small and medium-sized businesses in the country.