New Head of Regional Office of Islamic Development Bank Appointed
Azerbaijan, Baku, 7 June / corr. Trend I. Khalilova/ The Islamic Development Bank (IDB) has changed the director of the regional office of the bank Zeynal Abdin by appointing the economist of the Bank Hisham Maaruf to this post, the Ministry of Economic Development of Azerbaijan said. The head of the regional office was replaced as he retired. Prior to his retirement, he visited Azerbaijan and met with government members.
At present, IDB does not have permanent office in Azerbaijan with the operations of the bank being regulated through the regional office. The establishment of representation in Azerbaijan will depend on the volume of operations of IDB in this country, head of IBD regional office said to Trend .
The volume of IBD operations in Azerbaijan is valued at $300mln. These funds aim at financing agriculture, development of irrigation and drain system, road and transportation infrastructure, small and medium business and improving infrastructure of the internally displaced people.
IBD is ready to invest $65mln to $100mln annually within the 3-year period cooperation program. These funds will be invested in projects on restoration of water supply and sewerage system in three small cities (Agjabadi, Balakhani and Beylagan), reconstruction of Bahran Tapa highway, establishment of infrastructure of newly-built settlements for IDPs, development of rural areas of Shirvan plain, reconstruction of Mil-Karabakh collector, development of agriculture in mountainous areas and crediting of business banks.
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