IDB ready to consider project funding increase in Azerbaijan
Baku, Azerbaijan, Jan. 29
By Anvar Mammadov - Trend:
The Islamic Development Bank (IDB) is ready to consider the possibility of increasing the loan issuance to Azerbaijan, IDB's office in Baku told Trend.
"No requests have been received from the Azerbaijani government to draw additional funding from the IDB," the bank's office said. "But we believe that after Azerbaijani President Ilham Aliyev has made a statement in which he has urged to increase the volume of foreign investments to Azerbaijan, the government will appeal to us with a request."
The bank's office said that the IDB is ready to give loans for financing the areas, which are traditional for the bank.
"These can be the infrastructure, agricultural and social projects," the bank's office said. "If the Azerbaijani government appeals to us with a request to deliver a loan, we are ready to consider it."
Azerbaijan became a member of IDB in 1992. The bank has invested over $1.2 billion in Azerbaijan for the implementation of projects in various spheres of economy.
The Islamic Development Bank is an international financial organization headquartered in Jeddah (Saudi Arabia). IDB was founded on December 18, 1973 at the first conference of the finance ministers of the OIC member states.
IDB started operating on October 20, 1975.