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Azerconnect secures US$20m from ICD for infrastructure expansion

Azerconnect secures US$20m from ICD for infrastructure expansion

ICT company Azerconnect Group has landed a US$20 million Shariah-compliant facility from the Islamic Corporation for the Development of the Private Sector (ICD) to help finance telecom infrastructure development in Azerbaijan.

Specifically, the facility – which was signed on the sidelines of the Private Sector Forum during the IsDB Group Annual Meetings in Baku last Wednesday – will  be used to partly finance Azerconnect Group's capital expenditure program to support Azerconnect’s telecom infrastructure expansion.

Azerconnect said the transaction is expected to create direct and indirect employment, and generate additional tax revenues to the government.

ICD’s acting CEO Dr. Khalid Khalafalla said the deal also advances its mandate to foster private sector growth through Islamic finance.

“Telecom is a critical pillar of Azerbaijan's economic modernization, and ICD is proud to support Azerconnect Group through Shariah-compliant financing,” he said in a statement. “This mandate reflects our commitment to mobilizing long-term capital for infrastructure and private sector growth.”

Azerconnect Group, part of NEQSOL Holding, offers mobile, internet, leased lines, and digital services including fintech, adtech, media and TV. Earlier this year it signed a GeForce NOW Alliance Partnership agreement with Nvidia to launch cloud gaming services in Azerbaijan.



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