Azerbaijan, Baku, July 25 /Trend I.Khalilova/
The Islamic Development Bank (IDB) and JSC Azeryolservis completed the process of selecting a consultant to develop a feasibility study for modernization and reconstruction of road Zardab - Ujar - Agjabedi, the Baku office of the bank told Trend.
"The signing of the contract is expected in August, and the consultant should complete the work within a year in accordance with the technical requirements," the office said.
The feasibility study will be prepared by a Bangladeshi company. The IDB approved a grant worth $294,000 for Azerbaijan as technical assistance to prepare a feasibility study of road project.
The project will be funded through a new cooperation program, but funding will be determined after the feasibility study.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB changed their approach to financing projects in Azerbaijan by increasing the maximum amount of credit allocated for one project nearly five times. Earlier, the limit of financing a project was set between $30-40 million by the IDB. The bank can now allocate up to $150 million.
It was proposed to consolidate the projects by combining several projects into one by increasing the limit within the preparation of a new strategy for cooperation.
The program is $1.4 billion. The share of the country's participation in the bank's capital amounts to 0.13 percent.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on 20 October 1975.