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IDB president: IDB ready to increase portfolio by half billion of dollars in Azerbaijan for 3 years

Business Materials 23 June 2010 14:24
Since 1992 the Islamic Development Bank (IDB) has approved funding for 28 projects in the country totaling in $528 million, IDB President Ahmed Mohamed Ali said at the 35-th Annual Meeting of the IDB Board of Governors in Baku today.
IDB president: IDB ready to increase portfolio by half billion of dollars in Azerbaijan for 3 years

Azerbaijan, Baku, June 23 / Trend A. Badalova /

Since 1992 the Islamic Development Bank (IDB) has approved funding for 28 projects in the country totaling in $528 million, IDB President Ahmed Mohamed Ali said at the 35-th Annual Meeting of the IDB Board of Governors in Baku today.

"The bank also agreed with the Azerbaijani government a three-year program consisting of 11 projects worth $450 million", the IDB president said. He said that the bank has focused its activities in Azerbaijan on financing of projects in the agriculture sector and power engineering, which are vital for sustainable development in Azerbaijan.

During his speech the president of the bank called for the support of countries which are more affected by the global financial crisis.

"So, the financial activity of the IDB Group increased up to unprecedented level, reaching $7.25 billion last year. This figure is 25 percent more than last year", the IDB president said.

The bank was particularly interested in increasing funding for projects by more than 54 percent to support the economies of member-countries, which were more susceptible to financial crisis and recession.

"The Board of Executive Directors instructed the bank's board to work on the acceleration of economic recovery in member-countries, and increase the volume of transactions to finance over three years by 30 percent," the IDB president said.

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