Azerbaijan, baku, 18 March / Trend corr. E.Ismayilov / The Islamic Bank of Development (IBD) and Azerbaijani Government signed a memorandum on mutual understanding within the framework of a three-year program of activities for 2009 to 2011 on 18 March. The document envisages the implementation of over 10 projects, a spokes person from Economic Development Ministry reported.
The document was signed by Heydar Babayev, Azerbaijani Economic Development Minister, and Mohammad Yusif Khan, IBD Deputy Director of Operation Department. "IBD prefers cooperation with small-scale banks operating in Azerbaijan in order to reinforce competitiveness," the Economic Development Ministry said.
The country closely cooperates with the National Fund for Entrepreneurship Support and International Financial Institutions such as IBD.