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.
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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.
