BAKU, Azerbaijan, December 5. Azerbaijan and the Islamic Development Bank (IsDB) discussed prospects for cooperation in the development of the Halal ecosystem (allowed by Islam), Trend reports via the State Service for Antimonopoly Control and Supervision of the Consumer Market under the Ministry of Economy of Azerbaijan.
The service said that a meeting was held with the IsDB delegation.
During the meeting, the service head Mammad Abbasbayli briefed on the work carried out within the "State Program on Bringing the National Standardization System in Line with International Requirements for 2023–2025".
The focus was on measures taken by the service to develop the Halal quality infrastructure in the country.
The IsDB Country Operations Manager, Farid Khan, hailed the steps taken to strengthen the quality infrastructure.
During the meeting, the parties discussed prospects for cooperation in the development of the Halal ecosystem, exchanged experiences in this field, and discussed other mutually interesting issues.
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 (ICDPS), $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), which is part of the IsDB group, provided $92.5 million for business insurance and $75.5 million for new insurance obligations to Azerbaijan.
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