Azerbaijan's Turan Bank secures $15m ICD financing to support SMEs

Azerbaijan’s Turan Bank has signed a $15 million financing agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to expand funding for small and medium-sized enterprises (SMEs) in the country.

Under the five-year agreement, ICD will provide a line of finance aimed at improving access to capital for private sector businesses and supporting SME growth in Azerbaijan.

The agreement was signed by Khalid Khalafallah and Orkhan Garayev.

The financing is expected to support business activity across Azerbaijan, particularly in non-oil sectors, as the country seeks to diversify its economy and strengthen private sector participation.

Turan Bank said the facility aligns with its strategy to expand SME financing and promote the development of Islamic finance solutions within the local market.

For ICD, the agreement forms part of its broader mandate to support private sector development across member countries of the Islamic Development Bank Group, with a focus on SMEs as a driver of economic growth.

The latest deal marks the sixth financing collaboration between Turan Bank and ICD since 2008, reflecting an ongoing partnership between the two institutions.