AzerGold, ICD to study possibilities of issuing Islamic bond equivalent

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB), and AzerGold, a closed joint-stock company in Azerbaijan, signed a Memorandum of Understanding (MoU) during the 46th IsDB Annual Meeting in Tashkent, Uzbekistan on Sept. 2, Report informs referring to the company’s press service.

The MoU was signed by Ayman Amin Sejiny, CEO of ICD, and Khayyam Farzaliyev, member of the Executive Board and Deputy Chairman at AzerGold.

The cooperation aims at exploring the possibility of Sukuk issuance to meet the growing demand for AzerGold project financing requirements. Additionally, both parties will explore collaboration activities related to infrastructure projects in Azerbaijan and other potential activities for collaboration related to AzerGold’s operations.

This collaboration between both parties envisages consulting each other to develop specific instruments and bring to the operation the activities contemplated in this MoU.

“ICD remains committed to supporting the development of the member countries and will continue to explore ways to do so. This MoU, with our partner AzerGold, is yet another example that falls under a high-level plan to help companies in Azerbaijan to access diversified sources of funding,” Ayman Amin Sejiny said.

“The signing of the Memorandum of Understanding is a significant step towards exploring future opportunities for collaboration between the parties. 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 further elaboration of other potential areas of collaboration,” Khayyam Farzaliyev stated.

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.