ICD and Azerconnect sign $20m Shariah-compliant financing agreement for Azerconnect's telecom infrastructure expansion
Type: Financing · Technology: Telecom · Country: Azerbaijan · Value: $20M · Announced: 2026-06-17
The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijani telecoms company Azerconnect Group signed a mandate letter for a $20 million Shariah-compliant financing facility to part-finance Azerconnect Group's capital expenditure program. The agreement was signed on June 17, 2026, during the IsDB Group Annual Meetings in Baku, Azerbaijan. The facility will support Azerconnect Group's telecom infrastructure expansion, including mobile, Internet, and leased lines, plus digital services such as fintech, adtech, and media & TV. Azerconnect Group, part of NEQSOL Holding, serves around six million customers in Azerbaijan. ICD's acting CEO Dr. Khalid Khalafalla emphasized the strategic importance of telecom infrastructure for Azerbaijan's economic modernization and expressed commitment to mobilizing long-term capital for infrastructure growth.
Counterparties
- Azerconnect Group (Borrower)
- ICD Brookfield (Lender)
- NEQSOL Holding (Parent Company)