en.Wedoany.com Reported - Azerconnect Group, an ICT company in Azerbaijan, recently obtained $20 million in Sharia-compliant financing from the Islamic Corporation for the Development of the Private Sector (ICD) to fund the country's telecommunications infrastructure expansion project.

The financing agreement, signed on the sidelines of the Private Sector Forum at the Islamic Development Bank Group Annual Meeting in Baku on a certain day last month, will partially support Azerconnect Group's capital expenditure plans. The group stated that this investment is expected to create direct and indirect jobs and generate additional tax revenue for the government.

Dr. Khalid Khalafalla, Acting CEO of ICD, noted that telecommunications is a key pillar of Azerbaijan's economic modernization, and this collaboration aims to promote private sector development through Islamic finance and mobilize long-term capital for infrastructure and private sector growth.

Azerconnect Group, a subsidiary of NEQSOL Holding, provides mobile, internet, leased line services, as well as digital services such as fintech, digital advertising, media, and television. Earlier this year, the company also signed an alliance partnership agreement with Nvidia to launch the GeForce NOW cloud gaming service in Azerbaijan.

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