The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijani telecoms company Azerconnect Group have signed a mandate letter for a $20 million Shariah-compliant facility to part-finance Azerconnect Group's capital expenditure program.

The agreement was signed yesterday (June 17) during the IsDB Group Annual Meetings in Baku, Azerbaijan.

Azerbaijan
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According to ICD, the facility will support Azerconnect Group's telecom infrastructure expansion.

Founded in 2013, Azerconnect provides mobile, Internet, and leased lines, plus digital services including fintech, adtech, and media & TV. The company has around six million customers.

"Telecom is a critical pillar of Azerbaijan's economic modernization, and ICD is proud to support Azerconnect Group through Shariah-compliant financing," said Dr. Khalid Khalafalla, the acting chief executive officer of ICD.

"This mandate reflects our commitment to mobilizing long-term capital for infrastructure and private sector growth. We look forward to working with Azerconnect Group and NEQSOL to conclude the transaction and deliver lasting impact for Azerbaijan."

Azerconnect is part of NEQSOL Holding, an Azerbaijani-based group of companies that comprises telecoms, energy, and construction. Azerconnect Group includes companies such as Bakcell, AzerTelecom, Citynet, UltraNet, Goldenpay, DataSphere, and NewMedia.

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