Islamic Corporation for the Development of the Private Sector (ICD) and Alat Free Economic Zone Authority (AFEZA) Sign a Memorandum of Understanding
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), 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.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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.
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.