Azerbaijan, Baku, Feb. 13 / Trend N. Ismayilova /
The Islamic Development Bank Group (IDB), establish in 1975, has invested more than $1.2 billion in Azerbaijan, IDB representative in Azerbaijan Tamerlan Tagiyev told media today.
"At present, the bank implements a number of major projects in the country, the largest of which is a project to build the 800-megawatt Cenub station," he said. "The bank invested in the construction of the plant to clean up solid waste and improve water supply systems in six regions of the country for agriculture."
He said that the IDB attaches great importance to the development of human resources in the bank's member countries and regularly holds workshops and training sessions.
IDB currently operates in Azerbaijan as part of a cooperation package for 2011-2013, costing $1.4 billion. The programme includes about 13 projects.
Azerbaijan cooperates and has been a member of the Islamic bank since 1991. Its share in the bank's capital is 0.13 per cent.
Structural branches of the Bank and in particular the Islamic Corporation for the Development of the Private Sector (ICD is part of the IDB group), have already expressed their willingness to support projects in Azerbaijan directly along with financing of projects under the state guarantee. This will help expansion of financing through commercial banks.
The corporation has such an opportunity to finance the private sector in the country via the Caspian International Investment Company, established by the ICD together with the Azerbaijani Investment Company.
Since its establishment, The Islamic Development Bank's authorised capital increased 15 times, from two billion Islamic Dinars (Islamic Dinar is IDB unit IDB. It is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic dinars.