Baku, Azerbaijan, Jan.18
By Maksim Tsurkov - Trend:
The Islamic Development Bank (IDB) plans to send a mission to Baku, Azerbaijan, in order to assess the condition of the projects that are under implementation in the country, IDB representative in Azerbaijan Tamerlan Taghiyev told Trend on Jan.16.
"The IDB mission is expected to arrive in Baku in Q3 of 2015," he said. "The mission will assess the situation of the current projects in Azerbaijan."
IDB is preparing to work out a new operations program in Azerbaijan, as the previous one worth of $1.4 billion has expired.
"For present, there is no information about the preparation of a new program of activities in Azerbaijan," said Taghiyev.
Azerbaijan became a member of the Islamic Development Bank in 1992. The IDB invested over $1.2 billion in Azerbaijan. These funds were allocated for the implementation of projects in various spheres of economy.
By Jan.1, 2014, Azerbaijan spent $613.7 million, or 64.55 percent of the total volume of funds allocated by IDB.
The Islamic Development Bank is an international financial organization headquartered in Jeddah (Saudi Arabia). IDB was founded on Dec.18, 1973 at the first conference of the finance ministers of the OIC member states.
IDB started to operate on Oct.20, 1975.
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