IDB to submit its recommendations to accelerate implementation of projects in Azerbaijan

Business Materials 11 March 2010 11:12 (UTC +04:00)

Azerbaijan, Baku, March 11 / Trend I. Khalilova /

The Islamic Development Bank (IDB) is ready to help to accelerate the process of implementation of projects in Azerbaijan. The IDB's representative in Azerbaijan Tamerlan Tagiyev said that a decision was made to prepare recommendations for ensuring the timely implementation of projects. This decision was made as a result of the bank mission's visit to Baku last week. The mission aimed to review the ongoing projects in Azerbaijan. It was headed by the IDB head for cooperation in Central Asia and Europe Hikmat Aliyev.

"An improvement in the situation with coordination of the projects has been recently stressed during a meeting with the beneficiaries, Tagiyev said. All the procedures for financing the project of building a 800-megawatt new station Cenub were completed for the first time in the history of cooperation between the Bank of the Azerbaijani government last year.

The IDB allocated 134.4 million euros for its implementation.

Despite progress in this direction, there are still some difficulties in the timely implementation of projects by the bank, and the Azerbaijani side. The IDB will submit its proposals to resolve these problems.

The amount of IDB operations in Azerbaijan is estimated at $480 million. These funds are spent to finance the development of irrigation and drainage system, road and transport infrastructure, small and medium businesses, improvement of internally displaced people's infrastructure.

The largest loan during the cooperation with the Islamic Bank was approved last year to finance the construction of a new 800-megawatt station Cenub (near Alibayramli thermal power plant).

Azerbaijan cooperates with the bank. It is a member of the Islamic bank since 1991. Moreover, Azerbaijan was the first country from the post-Soviet countries, which became a member of this international institution. The share of the country's participation in the bank's capital amounts to 0.11 percent.

The Islamic Development Bank was established in 1975.