Islamic Development Bank Mission to Discuss Three Years Cooperation Plan in Baku

Business Materials 28 February 2008 18:40 (UTC +04:00)

Azerbaijan, Baku, 28 February / Trend corr. I.Khalilova / On 9 -10 March, the Islamic Development Bank is planning to pay a visit to Azerbaijan to discuss the cooperation program with Azerbaijan for 2009, Azerbaijani Economic Development Ministry reported. The Bank experts will get familiar with the financial projects of 2007 fiscal years.

Totally ten projects, with the cost of $220mln, were included into the program.

There are plans to submit three projects to Islamic Development Bank to receive the privilege, one commercial credit and the technical assistance. The projects envisage restoration of water supply system in Azerbaijani three small cities (Agjabadi, Balakan and Beylagan), reconstruction of Bahram-Tapa road and development of T-bills for the reconstruction of Mil-Karabakh collector.

"We will manage to use the funds allocated for Azerbaijan by Islamic Bank of Development for 2007, before April 2008," a source from the State reported.

The Bank is planning to allocate maximum privilege credit- in the sum of $30 or 40mln, for the water projects of the country.

The Bank financed four projects in the sum of $61mln in Azerbaijan. The projects were directed towards the construction of the road Alat-Kazimahamad, Mingachevir electricity station, Ujar -Evlakh road and Khachmaz substation.