IDB allocates over $224 million for road project in Azerbaijan

Photo: IDB allocates over $224 million for road project in Azerbaijan  / Economy news

Baku, Azerbaijan, Feb.6
By Emin Aliyev - Trend:

The Board of Directors of the Islamic Development Bank (IDB) has allocated some $224.4 million for the reconstruction of Ujar-Zardab-Agjabedi road, a message posted on the bank's website said on Feb.6.

The financing of this project was envisaged under the program of cooperation between the IDB and the government of Azerbaijan for 2011-2013. The Islamic Development Bank allocated a grant to Azerbaijan in the amount of $294,000 for technical assistance in working out the feasibility study of the project for reconstruction of Ujar-Zardab-Agjabedi road.

Azerbaijan became a member of the Islamic Development Bank in 1992. The IDB group has invested over $1.2 billion in Azerbaijan for the implementation of projects in various spheres of the economy.

The Islamic Development Bank is an international financial organization located in Jeddah (Saudi Arabia). The bank was founded on December 18, 1973 at the first conference of the finance ministers of member states of the Organization of the Islamic Conference (the current Organization of Islamic Cooperation).

The IDB began its activity on October 20, 1975.

translated by LZ

edited by CN

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