Muganbank Signed Agreement with ICD

JSC Muganbank signed a financial agreement with the Islamic Corporation for the Development of the Private Sector (ICD) in the amount of three million dollars, the bank said .

Funds received under the agreement will be used to finance small and medium-sized businesses in the manufacturing, trade , industry , agriculture and other fields.

" The financial agreement is a first and important step for us in the development of cooperation with the Islamic Corporation for the Development of the private sector - said the chairman of the Board of Muganbank Elmir Hasanov said , commenting on the signing of the contract. Chairman of the Board of Muganbank ICD noted the high position as an international financial institution and welcomed the role of corporations to support the development of small and medium-sized enterprises in Azerbaijan.

ICD was established in November 1999 and is a multilateral financial institution and a member of the Islamic Development Bank. Its main shareholder is Islamic Development Bank, together with the 51 member countries of ICD and five state-owned financial institutions of the participating countries.

JSC Muganbank is one of the well-known financial institutions financial Azerbaijani banking sector - began operations in 1992. The Bank cooperates with international economic organizations like the U.S. Agency for International Development (USAID), the European Bank for Reconstruction and Development ( EBRD), International Finance Corporation (IFC) Investment Fund USA - World Business Capital (WBC), the Overseas Private Investment Corporation (OPIC) etc. -15D -