TuranBank Azerbaijan Signs $15 Million Line of Financing Agreement with the Islamic Corporation for the Development of the Private Sector (ICD)

TuranBank, 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), the private sector arm of the Islamic Development Bank (IsDB) Group.

Under this agreement, ICD will extend 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 TuranBank’s mission to foster sustainable economic growth in Azerbaijan.

This new facility represents a significant step toward advancing TuranBank’s strategic objectives, particularly in strengthening SME development, expanding private sector financing, 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 TuranBank.

This latest financing marks the sixth collaboration between TuranBank and ICD since 2008, further reinforcing the long-standing and reliable partnership between the two institutions.

About TuranBank:

TuranBank OJSC, established in 1992, is one of Azerbaijan’s most stable and reputable banks, offering a wide range of financial services to its customers in line with international standards. With 22 points of sale across the country, TuranBank has steadily grown over its 33 years of operation. Known for its transparency, reliability, and commitment to social responsibility, TuranBank continues to play a key role in Azerbaijan's financial sector.

For More Information

For further details: https://www.turanbank.az

About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises.

ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-’ by S&P.

For More Information

For further details, please contact: Nabil El-Alami, Communications & Corporate Marketing Division head, [email protected], Website: https://icd-ps.org/