Baku, Azerbaijan, March 8
By Abbas Akhundov Trend:
Azerbaijan signed 19 loan agreements with the Islamic Development Bank to the sum of $950.7 million during the period of the commencement of doing business until Jan. 1, 2014, a 2013 government report presented to the Azerbaijani Parliament said.
IDB loans were involved in 16 projects, of which 12 have been completed. As of Jan.1, 2014, $613.7 million, or 64.55 percent of the total funds provided by the bank were used.
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 organisation located in Jeddah (Saudi Arabia). It was founded on December 18, 1973, at the first conference of the finance ministers of member states of the Organisation of the Islamic Conference, now recognised as the current Organisation of Islamic Cooperation.
The IDB began its activity on October 20, 1975.
Translated by S.I.
Edited by S.M.