Turan Bank Azerbaijan signs $15 million line of financing agreement with the Islamic corporation for the development of the private sector (ICD)

The agreement was signed by Dr Khalid Khalafallah, Acting CEO of ICD, and Orkhan Garayev, chairman of the management board of Turan Bank BAKU, Azerbaijan, on 17 September. Turan Bank, a leading player in Azerbaijan’s banking sector recognized for its strong international partnerships, has signed a financing agreement with the Islamic Corporation for the Development of the Private Sector (ICD) (https://ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB) Group.

Under this agreement, ICD will extend a USD 15 million line of finance for a term of five years to support small and medium-sized enterprises (SMEs) in Azerbaijan and improve access to financial resources for the private sector, in line with Turan Bank’s mission to foster sustainable economic growth in Azerbaijan.

This new facility represents a significant step toward advancing Turan Bank’s strategic objectives, particularly in strengthening SME development, expanding private sector financing, promoting Islamic finance, and contributing to the diversification of Azerbaijan’s economy. The financing is also expected to revitalize economic activity in the country’s regions and promote the growth of the non-oil sector.

The initiative is fully aligned with ICD’s strategic focus on fostering the growth of SMEs and supporting private sector development as a key driver of sustainable economic progress across its member countries. The agreement was signed by Dr Khalid Khalafallah, acting CEO of ICD, and Orkhan Garayev, chairman of the management board of Turan Bank. This latest financing marks the sixth collaboration between Turan Bank and ICD since 2008, further reinforcing the long-standing and reliable partnership between the two institutions.

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