SOCAR and ICD sign MoU to explore PPP financing

Agreement

On June 17, 2026, during the annual meetings of the Islamic Development Bank Group, a Memorandum of Understanding was signed between SOCAR and the Islamic Corporation for the Development of the Private Sector (ICD).

Scope

The document envisages the joint exploration of financing opportunities for public–private partnership projects in Azerbaijan and other ICD member countries.

Implementation

According to the Memorandum of Understanding, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. In this framework, ICD will offer financial solutions tailored to the characteristics of the projects.

Statements

SOCAR President Rovshan Najaf said: “The Memorandum of Understanding opens important opportunities for the development of future cooperation between the parties on energy projects. The document is important in terms of working together on projects that can be implemented in Azerbaijan and other ICD member countries, considering appropriate financial mechanisms and determining directions.”

ICD's Acting Chief Executive Officer Khalid Khalafalla said: “The new partnership with SOCAR is an important step in implementing ICD's strategy aimed at directing private capital to member countries. By combining SOCAR's experience in the energy sector with ICD's financing opportunities in accordance with Sharia principles, we contribute to the development of public-private partnership projects that will promote economic growth in Azerbaijan and other countries. This cooperation is fully in line with the development priorities of the Islamic Development Bank Group.”