Azerbaijan’s Minister of Economy, Mikayil Jabbarov, announced that the country is exploring the issuance of sovereign sukuk for the first time. This initiative aims to attract long-term financing and comes as the Central Bank of Azerbaijan engages in consultations with the Islamic Development Bank (IDB).
Jabbarov emphasized that adopting sukuk issuance represents a significant step toward expanding financing options for economic entities in Azerbaijan. These sukuk will allow the country to leverage opportunities provided by IDB, which holds a AAA credit rating.
The minister’s remarks followed the signing of numerous agreements and memorandums of understanding worth over $4.7 billion during a private sector forum organized by the IDB. This forum coincided with the annual meeting of the bank in the capital, Baku.
Jabbarov noted that a substantial portion of the signed agreements focuses on developmental projects in the private sector. These projects span infrastructure, energy, banking services, and water management. Notably, agreements related to the Karabakh irrigation canal and a wastewater treatment project in Sumgayit exceed $550 million in value.
The minister also highlighted that local banks have secured credit lines in both local currency and dollars to re-lend to small and medium-sized enterprises (SMEs). Additionally, financing facilities have been introduced for the Business Development Fund in Azerbaijan.
Baku utilized these meetings to showcase a wide array of investment opportunities across various sectors. These include non-oil industries, mining, bio-minerals, agriculture, transportation, logistics, tourism, renewable energy, financial services, and digital transformation.
In conclusion, Jabbarov pointed out that the Islamic Development Bank has provided approximately $1.8 billion in financing to Azerbaijan since the country joined the bank in 1992. Currently, 11 projects valued at nearly $640 million are still in progress.
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