Turan Bank secures $15m financing from ICD to boost SMEs in Azerbaijan

Turan Bank of Azerbaijan has signed a $15 million line of 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.

The five-year facility will be channelled towards supporting Small and Medium-sized Enterprises (SMEs) in Azerbaijan, with the goal of improving private sector access to financial resources and fostering sustainable economic growth, a statement from the ICD said on Wednesday.

Bank officials said the financing would help expand SME development, promote Islamic finance, and strengthen efforts to diversify the economy away from oil dependency. It is also expected to stimulate economic activity across the country’s regions and encourage growth in the non-oil sector.

The agreement was signed by ICD’s Acting Chief Executive Officer, Dr. Khalid Khalafallah, and Chairman of Turan Bank’s Management Board, Orkhan Garayev.

According to both institutions, the facility aligns with ICD’s strategic priority of supporting SMEs and private sector development as drivers of sustainable growth in its member countries.

This latest deal marks the sixth collaboration between Turan Bank and ICD since 2008, underscoring a long-standing partnership focused on expanding access to finance in Azerbaijan.