BAKU, Azerbaijan, July 10. Azerbaijan and the Islamic Development Bank (IsDB) have discussed cooperation on projects implemented in the territories liberated from Armenian occupation, [following Azerbaijan's victory in second Karabakh war in 2020], Trend reports.
"During the meeting with Valid Mohammad Abdelwahab, Director of the Turkish Regional Office of the IsDB Group, we discussed the goals of socio-economic development in our country, priority areas of partnership with the institution, and opportunities for collaboration on projects implemented in the liberated territories," Azerbaijani Minister of Economy Mikayil Jabbarov wrote on his Twitter page.
The IsDB group maintains strong relations with Azerbaijan and aims to contribute to its socio-economic development. The group has approved financing for projects in Azerbaijan with a total amount of $1.2 billion. The portfolio includes $956 million in financing from IsDB, $120.2 million approved by the Islamic Corporation for the Development of the Private Sector (ICD), $83.4 million in trade operations from the International Islamic Trade Finance Corporation (ITFC), and $19.4 million in other funds and operations of the IsDB group. Additionally, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided $92.5 million for business insurance and $75.5 million for new insurance obligations.