ICD mulling financing of projects in Azerbaijan

The source did not specify the name of the company and the banks, stressing that the agreements will be signed soon.

"The funds will be used to finance the projects in cotton-growing, food and textile industries,” the source added.

According to the ICD financing rules, the minimum amount of the loan issued by the corporation is $10 million.

Thus, each of the two banks and the company will receive at least $10 million.

The ICD has been operating in Azerbaijan since 2003. ICD finances mainly small and medium enterprises in the country. The corporation is the founder of Ansar Leasing and a co-founder of the Caspian International Investment Company in Azerbaijan.

The ICD is a multilateral development financial institution and is a part of the Islamic Development Bank (IDB) Group.