ITFC discloses amount of funds allocated to Azerbaijan
The International Islamic Trade Finance Corporation (ITFC) has provided a total of $83.4 million to Azerbaijan between 2009 and 2013, Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation and Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), said in an interview, according to Azerbaijan in Focus, reporting Trend.
“Over the years, ITFC has been a steadfast partner in contributing to Azerbaijan’s economic development. Between 2009 and 2013, ITFC demonstrated its commitment to Azerbaijan by providing a total financing commitment of US$ 83.4 million. This substantial financial support was strategically allocated to bolster the private sector and empower small and medium-sized enterprises (SMEs) within Azerbaijan. One of the key highlights of our support has been the facilitation of Sharia-compliant trade solutions through our partner banks in Azerbaijan. This enabled businesses in the country to access innovative and ethical financial instruments, aligning with Islamic finance principles,” he said.
Hani Salem Sonbol noted that the visit to Azerbaijan carried significant importance, as it underscored the deepening collaboration between the International Islamic Trade Finance Corporation and the Republic of Azerbaijan.
“Azerbaijan is a valued member country of ITFC, and we attach great importance to strengthening our partnership. The primary purpose of our visit was to engage in meaningful discussions with representatives of the government of Azerbaijan. Together, we aimed to assess the current state of our cooperation and chart a course toward further enhancement within the framework of ITFC’s trade financing solutions and our Flagship Program, Trade Connect Central Asia+ (TCCA+),” he said.
Hani Salem Sonbol went on to add that during this visit, ITFC was poised to achieve several key outcomes, including signing a trade finance agreement with a local bank.
“This agreement will serve as a testament to our commitment to supporting the growth of trade and economic activities in Azerbaijan. In addition to this, we also organized a three-day Islamic Finance Workshop, which was set to provide valuable insights into Islamic finance mechanisms and their applicability in Azerbaijan. This workshop is a testament to ITFC’s dedication to capacity-building and knowledge sharing. From the Islamic Corporation for the Development of the Private Sector (ICD), our sister organization, we explored opportunities to expand lines of finance that can bolster the development of small and medium-sized enterprises (SMEs) in Azerbaijan. SMEs play a crucial role in driving economic growth and creating employment opportunities, and our efforts align with Azerbaijan’s vision for sustainable economic development,” he said.
Hani Salem Sonbol noted that this visit to Azerbaijan was not only about strengthening the bilateral relationship but also about facilitating tangible, on-the-ground initiatives.
“We are eager to continue working closely with our Azerbaijani partners to realize these goals,” he added.