By Aytaj Shiraliyeva

Copyright trend

BAKU, Azerbaijan, October 7.​ Azerbaijan is
preparing to issue sukuks to finance infrastructure projects and
green energy initiatives, said Samir Taghiyev, an expert in the
Direct Finance Department of the Islamic Corporation for the
Development of Private Sector (ICD) in Saudi Arabia, Trend reports.

Speaking at the Halal Business Forum, Taghiyev noted that
legislation establishing the legal framework for sukuk issuance
will soon be adopted in Azerbaijan.

“Previously, a state-owned Azerbaijani company expressed
interest in issuing a sukuk, but the lack of relevant legislation
made it impossible. Thanks to the efforts of the Central Bank and
its leadership, the draft law will soon be ready,” Tagiyev

The expert emphasized that issuing sukuks will allow Azerbaijani
companies to attract long-term financing in both local and foreign
currencies on domestic and international markets.

As an example, he cited a recently signed public-private
partnership agreement for the Alanya Toll Road project, which spans
two decades and could be financed through sukuks on international

“Special attention is given to infrastructure projects and the
development of green energy, including in territories recently
liberated. The ICD is also involved in projects to provide clean
water from the Caspian Sea as part of a comprehensive approach to
sustainable development,” the expert added.

He confirmed that the ICD will actively support Azerbaijan in
these initiatives, helping attract investments from international
and Persian Gulf markets.

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