Turan Bank Secures $15 Million ICD Financing to Boost SMEs in Azerbaijan

Thursday 18th September 2025

by inAfrika Reporter

Turan Bank, one of Azerbaijan’s leading financial institutions known for its strong international collaborations, has signed a new 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.

Under the agreement, ICD will extend a USD 15 million Line of Finance for five years to support Small and Medium-sized Enterprises (SMEs) in Azerbaijan. The financing aims to expand access to capital for the private sector while aligning with Turan Bank’s mission to drive sustainable economic growth and resilience across the country.

This facility marks a significant milestone in advancing Turan Bank’s strategic goals—particularly strengthening SME development, promoting Islamic finance, expanding private sector credit, and accelerating diversification of Azerbaijan’s economy beyond oil. By targeting SMEs, the funding is expected to stimulate regional economic activity, empower local entrepreneurs, and catalyse growth in the non-oil sector.

The agreement was formally signed by Dr. Khalid Khalafallah, Acting CEO of ICD, and Orkhan Garayev, Chairman of the Management Board of Turan Bank. Both leaders emphasised that the collaboration reflects their shared commitment to fostering entrepreneurship and building sustainable private sector ecosystems in member countries.

This latest financing marks the sixth partnership between Turan Bank and ICD since 2008, further cementing their long-standing and trusted relationship — and underscoring the vital role of strategic partnerships in unlocking inclusive growth opportunities in emerging markets.