- 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 17th 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).
