Category: MIL-OSI

Source: APO

• ICD and SOCAR signed an MOU on 17 June 2026 in Baku after the opening of the Private Sector Forum during IsDB Group Annual Meeting.
• The MOU sets a framework to explore Shariah-compliant, limited-recourse PPP financing for projects in Azerbaijan and other ICD member states.
• The Cooperation targets infrastructure and energy projects in Azerbaijan and other ICD’s member countries being developed through joint venture project companies co-owned by SOCAR and its partners (2026–2027).
• The partnership leverages SOCAR’s sector expertise and ICD’s development finance mandate and experience to mobilize additional private investment and resources to fund targeted projects.

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and SOCAR signed a Memorandum of Understanding (“MOU”) on the sidelines of the IsDB Group Annual Meeting in Baku. The MOU  establishes a framework to jointly explore Shariah-compliant senior limited-recourse financing for Public-Private Partnership (PPP) projects in Azerbaijan and other ICD member countries.

Under the MOU, ICD and SOCAR will identify and evaluate financing opportunities for project companies co-owned by SOCAR and its investment  partners, with ICD providing tailored Shariah-compliant financing solutions. The collaboration, which will be active from  2026 through to 2027, leverages on recognised PPP structures to accelerate the development of  large-scale energy and infrastructure projects in Azerbaijan and other member countries of ICD.

Following the signing of the MOU, the Acting CEO of ICD, Dr Khalid Khalafalla commented: “This partnership with SOCAR marks a significant step in ICD’s strategy to mobilize private capital across our member countries. By combining SOCAR’s energy expertise with ICD’s Shariah-compliant financing, we are advancing the development of  PPP projects that will drive economic growth in Azerbaijan and beyond, in line with the IsDB Group’s development mandate and  priorities.”

Mr. ROVSHAN NAJAF, CEO of SOCAR, also stated: “The Memorandum of Understanding opens significant opportunities for the development of future cooperation between the parties on energy projects. The document is important in terms of facilitating joint efforts on projects that may be implemented in Azerbaijan and other member countries of ICD, as well as exploring suitable financing mechanisms and identifying potential areas of cooperation”.  

The partnership combines SOCAR’s deep expertise in oil, gas, and infrastructure with ICD’s multilateral development finance capabilities to mobilize private sector investment. It aligns with ICD’s broader mandate to support sustainable private sector growth across its 56 member countries through innovative Islamic finance, reinforcing multilateral development as a catalyst for economic transformation.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Contact: 
icd.communication@isdb.org

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About SOCAR: 
SOCAR, a global energy company headquartered in Azerbaijan, specializes in the extraction, processing, and distribution of energy resources. As the largest integrated energy enterprise in the South Caucasus region, the company has a significant presence worldwide, underscoring its importance in various international markets

About ICD: 
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB’s activities by promoting  the growth and expansion of private sector, the development of capital markets,  and enhancing the role of market economies in its member countries. ICD holds strong credit ratings of A2 by Moody’s, A+ by Fitch, and A by S&P. For more information, visit www.ICD-ps.org 

Source: APO

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• ICD and Azerconnect Group signed a mandate letter on 17 June 2026 in Baku, Azerbaijan during the opening of the Private Sector Forum in IsDB Group Annual Meetings.
• The USD 20 million long-term Shariah-compliant financing facility will  be used to part-finance Azerconnect Group’s capital expenditure program
• The ICD’s facility  is expected to promote the creation of direct and indirect employment, generate additional tax revenues to the government, and strengthen Azerbaijan’s telecom infrastructure

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org) and Azerconnect Group signed a mandate letter for a USD 20 million Shariah-compliant facility to part-finance Azerconnect Group’s capital expenditure program. The signing took place on 17^th June 2026 on the sidelines of the Private Sector Forum during the IsDB Group Annual Meetings in Baku.

The facility will support Azerconnect Group’s telecom infrastructure expansion, aligning with Azerbaijan’s digitization agenda. Azerconnect Group, part of NEQSOL Holding, offers mobile, internet, leased lines, and digital services including FinTech, AdTech, and Media & TV.

The transaction advances ICD’s mandate to foster private sector growth through Islamic finance, while generating employment and tangible telecom infrastructure improvements across Azerbaijan. It demonstrates ICD’s commitment to supporting the development of strategic sectors like telecom by bridging funding gaps, supporting diversification, and driving sustainable development.

Commenting on the signing, Dr. Khalid Khalafalla, the Acting Chief Executive Officer of ICD, stated: ” Telecom is a critical pillar of Azerbaijan’s economic modernization, and ICD is proud to support Azerconnect Group through Shariah-compliant financing. 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”

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Contact:
icd.communication@isdb.org

About Azerconnect Group:
Azerconnect Group, the region’s leading ICT company, delivers advanced solutions, including Mobile, Internet, International leased lines provisioning, FinTech, AdTech, and Media/TV. Delivering AI-powered solutions to nearly 6 million customers, Azerconnect Group includes companies such as Bakcell, AzerTelecom, Citynet, UltraNet, Goldenpay, DataSphere, and NewMedia. With more than 4,000 professionals, Azerconnect Group is one of Azerbaijan’s largest employers.

Azerconnect Group is part of NEQSOL Holding, an internati onal group of companies operating in various countries and sectors.

About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB’s activities by promoting the growth and expansion of private sector, the development of capital market and enhancing the role of market economies in its member countries. ICD holds strong credit ratings of A2 by Moody’s, A+ by Fitch, and A by S&P. For more information, visit www.ICD-PS.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).

Source: APO – Report:

• ICD and TuranBank signed an Expression of Intent for a proposed USD 15 million Shariah-compliant Line of Finance in Azerbaijan.
• The financing will support onward lending to private sector projects, focusing on SME development.
• The signing took place on 17 June 2026 in Baku, on the sidelines of the IsDB Annual Meeting Private Sector Forum.
• This engagement deepens a decade-long relationship, with total ICD commitments to TuranBank exceeding USD 33 million across four deals.

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and TuranBank OJSC signed an Expression of Intent for a proposed USD 15 million Shariah-compliant Line of Finance to support private sector projects in Azerbaijan. The signing took place on the opening of the Private Sector Forum alongside with IsDB Group Annual Meetings.

The proposed facility, subject to due diligence and internal approvals, will be extended to TuranBank for onward financing to eligible SMEs. As a mid-tier commercial bank with strong expertise in MSME and SME financing, TuranBank is well-positioned to deploy the funds effectively through its existing infrastructure.

The facility supports Azerbaijan’s SME sector by bridging financing gaps for smaller enterprises. ICD aims to reach a significant number of SMEs across the country through TuranBank,

ICD’s engagement with TuranBank dates back to 2006, with cumulative commitments exceeding USD 33 million, including a USD 15 million Line of Finance concluded in September 2025. This Expression of Intent signals a deepening of that long-standing partnership.

The transaction advances ICD’s mandate to mobilize Shariah-compliant financing for private sector growth, employment, and economic resilience across its 56 member countries.

– on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Contact:
​For media enquiries, please contact:
icd.communication@isdb.org

About TuranBank OJSC:
TuranBank OJSC is a mid-tier commercial bank in Azerbaijan with a pronounced focus on MSME and SME financing. As of Q3 2025, the Bank reported total assets of AZN 893 million and a loan portfolio of AZN 696 million, with operating profit growing 57% year-on-year in H1 2025. TuranBank maintains an active international partnership profile, having secured financing from ADB, BlueOrchard, and ICD, the latter extending a USD 15 million Line of Finance in September 2025 for a five-year term to support SME lending in Azerbaijan. The Bank has also demonstrated a commitment to digital transformation through the launch of Open Banking functionality and was recognised as the winner of the “Best SME Deal of the Year” at the ADB’s Trade and Supply Chain Finance Program Awards in Singapore. TuranBank represents a credible, growth-oriented second-tier institution with a clear strategic niche and strengthening DFI relationships. For more information, visit www.Turanbank.az.

About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB’s activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody’s, A+ by Fitch, and A by S&P. For more information, visit www.ICD-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).

Source: APO – Report:

The African Energy Chamber (AEC) (https://EnergyChamber.org/) held high-level discussions on Tuesday in Abidjan with Mamadou Sangafowa Coulibaly, Minister of Mines, Petroleum and Energy, focused on accelerating upstream development, expanding investment inflows and strengthening institutional frameworks supporting the country’s long-term energy growth.

The meeting took place as Ivory Coast continues to consolidate its position as one of West Africa’s fastest-growing upstream markets, supported by rising production, active drilling campaigns and renewed international exploration interest across offshore acreage.

A key area of discussion was the performance of Ivory Coast’s flagship upstream developments, with emphasis on the strong operational results already achieved by key international operators and the continued positive momentum across the basin. Eni’s Baleine project, developed in partnership with Petroci and Vitol, remains central to Ivory Coast’s output growth trajectory, with its third development phase expected to significantly increase production to around 150,000 barrels per day. The project also continues to contribute associated gas to domestic power generation, reinforcing its strategic importance to national energy security.

The meeting also reviewed ongoing and upcoming drilling activity across producing assets. VAALCO Energy’s operations in offshore Block CI-40, in partnership with CNR International, are preparing a new drilling campaign following planned field upgrades, with production increases expected from 2026 as part of a broader redevelopment strategy centered on infill drilling and asset optimization.

Exploration momentum across Ivory Coast’s offshore basin was also highlighted, including Murphy Oil’s planned multi-well drilling campaign targeting prospects such as Civette, Caracal and Bubale over the 2025–2026 period. The engagement also noted renewed international interest in the country’s upstream sector, supported by its favorable investment environment, including Petrobras’ latest entry through the award of multiple offshore exploration blocks.

Institutional and financing developments were also a key point of discussion, particularly reforms within the African Petroleum Producers’ Organization and progress toward the establishment of the Africa Energy Bank. The Minister provided assurances that efforts to operationalize the bank are advancing, with work ongoing to ensure it becomes fully functional and able to drive greater participation from both public and private sector stakeholders. The initiative was underscored as a priority mechanism to expand access to capital for African energy projects and strengthen long-term upstream development across the continent.

“What we are seeing in Ivory Coast is not incremental progress – it is a clear acceleration of upstream momentum. With major projects advancing, new exploration entering the market, and financing frameworks taking shape, the country is positioning itself as one of Africa’s most compelling energy investment destinations,” said NJ Ayuk, Executive Chairman of the AEC.

The Chamber also held discussions with Africa Global Logistics (AGL), where leadership highlighted the company’s expanding role as a key logistics and infrastructure partner supporting Ivory Coast’s oil and gas sector. AGL has increasingly positioned itself as a central enabler of upstream activity, providing logistics, transport and operational support to major exploration companies including Eni, Murphy Oil and CNR International. The company is also investing in new logistics infrastructure in the country, reinforcing Ivory Coast’s emergence as a regional hub for energy supply chain services while improving efficiency and cost competitiveness for operators across the sector.

Further engagements included GES-Petrogaz, a local oil and gas services association, focused on strengthening the participation of domestic service providers in the energy value chain, improving the enabling environment for local companies and expanding skills development and entrepreneurship opportunities.

Discussions were also held with Société Ivoirienne de Raffinage (SIR), where plans to expand refining capacity were outlined alongside efforts to enhance national energy security and support the production of lower-carbon fuels as part of Ivory Coast’s broader industrial development strategy.

– on behalf of African Energy Chamber.

Source: APO – Report:

Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today signed a series of strategic cooperation agreements with leading Italian partners at the AFC–Italy Business Forum in Rome, marking a significant step in translating Italy–Africa cooperation into bankable projects, scalable financing solutions and long-term industrial partnerships across Africa.

The forum brought together senior representatives from government, including Deputy Minister of Enterprises and Made in Italy, Valentino Valentini, and Director General of the Treasury, Riccardo Barbieri Hermitte, development finance institutions, industry, investors and project sponsors to strengthen Africa–Italy cooperation and advance the objectives of Italy’s Mattei Plan for Africa. As part of the strategic forum’s key outcomes, several agreements were signed with Cassa Depositi e Prestiti (CDP), SACE, Confindustria Assafrica & Mediterraneo and IMAGRO S.p.A., to establish a framework for enhanced collaboration across infrastructure financing, export credit support, project preparation, industrial procurement, business matchmaking and private sector participation in AFC-supported projects throughout Africa.

The partnerships align with the objectives of Italy’s Mattei Plan and bring together AFC’s infrastructure development mandate, African project pipeline and risk-mitigation capabilities with Italy’s development finance, export credit instruments, industrial networks and private sector capabilities. Together, the institutions will work to mobilise capital and accelerate investment across key sectors including power and renewable energy, transport and logistics, critical minerals, natural resources, heavy industry, manufacturing, technology-enabled infrastructure and regional trade corridors.

The agreements build on a growing partnership between AFC and Italian institutions. Over the last few years, CDP has provided facilities totalling EUR400M to AFC, including a EUR250 million loan in 2025, supported by an 80% guarantee from SACE. These transactions reinforce the institutions’ confidence in AFC’s ability to deliver high-impact infrastructure projects across the continent, with particular focus on the Lobito Corridor. The new cooperation frameworks expand that relationship beyond traditional development cooperation to commercially viable infrastructure and industrial projects that can deliver long-term economic competitiveness, supply chain resilience and shared prosperity.

Samaila Zubairu, President and CEO of AFC, said, “The AFC–Italy Business Forum was established to move beyond dialogue and create practical pathways for investment and industrial cooperation between Africa and Italy, and the agreements signed today demonstrate that commitment in action. By combining AFC’s project development expertise and investment pipeline with Italy’s financial, industrial and technological strengths, we are creating the partnerships needed to mobilise capital, reduce investment risk and accelerate industrial development across Africa. These collaborations will help transform opportunities into bankable projects that strengthen value chains, create jobs and support sustainable economic growth across the continent.”

Lorenzo Ortona, National Deputy Coordinator of the Mattei Plan, said “The Mattei Plan was created to build an equal partnership with African countries, grounded in concrete projects and shared benefits. Our collaboration with Africa Finance Corporation fully embodies this spirit: over these years, AFC has proven to be a reliable and capable partner, able to translate the Plan’s ambitions into bankable initiatives and real investments that benefit both African economies and the Italian system. I wish to thank AFC for the work we have accomplished together, which has made it possible to mobilise capital, share risk and open new opportunities for Italian companies along strategic value chains – from infrastructure to energy, from critical raw materials to trade corridors. The agreements signed today consolidate a journey already underway and strengthen the economic ties between Italy and the African continent. I am confident that this synergy between the Italian system and AFC can only continue to grow, generating investment, employment and shared prosperity on both shores of the Mediterranean.”

Under the agreement with CDP, AFC and Italy’s development finance institution will explore opportunities for co-financing strategic projects, future funding arrangements, project preparation initiatives and collaboration with both African and Italian enterprises. The partnership will also support the identification and development of bankable projects across priority sectors including infrastructure, energy, water, environmental protection, natural resources, agriculture, food security and manufacturing.

Giovanni Gorno Tempini, President of Cassa Depositi e Prestiti, said: “The agreements signed today mark a significant step in advancing a new phase of partnership between Italy and Africa, reflecting a broader shift introduced by the Mattei Plan towards long-term, mutually beneficial cooperation based on shared priorities and industrial development. As Italy’s National Promotional Institution and Development Finance Institution, CDP plays a central role in delivering this vision, mobilising financial resources and instruments to support transformative investment programmes across the continent. By renewing the partnership with Africa Finance Corporation, we are strengthening our capacity to co-develop projects, expand co-financing opportunities and connect African and Italian enterprises from an early stage, helping to make investments more robust, bankable and attractive to private capital, and ultimately contributing to sustainable growth and shared prosperity.”

The cooperation framework with SACE, Italy’s export credit agency, will focus on leveraging guarantees, credit enhancement tools, export credit support and risk-sharing mechanisms to crowd in investment and facilitate greater participation by Italian companies in African infrastructure and industrial projects.

Michele Pignotti, CEO of SACE, said: “SACE is the leading Export Credit Agency per new Commitments in Africa, with over 6.4 billion mobilised across the continent since the launch of the Mattei Plan for Africa. Partnering with AFC is fundamental to unlock the full potential of Italy-Africa trade & investments. Together, we aim to facilitate the participation of Italian companies in the continent’s most strategic projects, spanning transport corridors, energy infrastructure, industrial development and critical raw materials value chains. Our agreement creates a framework that allows us to identify opportunities in advance, mobilise capital more effectively and generate stronger synergies between our respective instruments and capabilities.”

AFC also signed a strategic cooperation agreement with Confindustria Assafrica & Mediterraneo, the organisation that supports the internationalisation of Italian companies in Africa, the Middle East and Turkey. The agreement will strengthen engagement between African project sponsors and Italian businesses through business missions, investment promotion activities, matchmaking initiatives, conferences and knowledge-sharing platforms designed to increase private sector participation in AFC projects.

Enrico Maria Bagnasco, President of Confindustria Assafrica & Mediterraneo, said: ”The collaboration with Africa Finance Corporation is an opportunity to support a stronger and more effective Italian presence in Africa. The Memorandum of Understanding we signed today with AFC is an important step in this direction. It gives our cooperation a more structured basis and can help strengthen the link between AFC and Italian industry, opening new project opportunities and supporting the involvement of Italian companies in Africa’s infrastructure development.”

As AFC continues to expand its network of strategic partnerships with development finance institutions, export credit agencies and industrial stakeholders around the world, the Corporation remains committed to mobilising the capital, expertise and partnerships required to build resilient infrastructure, advance industrialisation and unlock Africa’s long-term economic potential.

– on behalf of Africa Finance Corporation (AFC).

Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org

About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Nineteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of energy, natural resources, heavy industry, transport, and telecommunications. AFC has 48 member countries and has invested over US$19 billion in 36 African countries since its inception.

www.AfricaFC.org