Azernews.Az

By Ayya Lmahamad

Azerbaijan’s AzerGold CJSC and the Islamic Corporation for the Development of the Private Sector (ICD) signed a memorandum of understanding during the 46th Islamic Development Bank Group (IsDB) annual meeting held in Tashkent, Uzbekistan.

The memorandum was signed by ICD CEO Ayman Amin Sejiny and AzerGold Deputy Chairman Khayyam Farzaliyev.

The main purpose of signing the memorandum is to establish mutual cooperation and explore the possibility of Sukuk (Islamic equivalent of bonds) issuance to meet the growing demand for AzerGold project financing requirements.

Moreover, under the document, both parties will identify existing opportunities for cooperation in the implementation of infrastructure projects in Azerbaijan, and other potential areas of cooperation related to AzerGold’s activities.

Ayman Amin Sejiny noted that ICD is committed to supporting the development of the member countries and will continue working in this direction.

“The memorandum signed with AzerGold is yet another example that falls under a high-level plan to help companies in Azerbaijan to access diversified sources of funding,” the CEO added.

In turn, AzerGold’s deputy chairman emphasized that the signed document is an important step to ensure potential cooperation.

“While AzerGold has a successful experience in attracting funds for the implementation of mining projects from diverse sources within the country, the company also considers further diversification of the funding sources through international cooperation. We are confident that the discussions to be held would contribute to the further elaboration of other potential areas of collaboration,” he stated.

The AzerGold CJSC is a national mining company, which was established on February 11, 2016, under the presidential decree.

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.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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