Azerbaijan, Baku, July 20 /Trend, N.Ismayilova/
The President of the Islamic Development Bank approved $294,000 grant to Azerbaijan as technical assistance to prepare a feasibility study for the project on modernization and reconstruction of Zardab-Ujar-Agjabedi road, the Bank said.
"This project will be financed as part of a new cooperation program, but the amount of funding will be determined after the preparation of the feasibility study," said the Baku office of the IDB.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB changed the approach of financing the projects in Azerbaijan by increasing the maximum amount of credit allocated for one project nearly five times. Earlier, the limit of financing a project was set between $30-40 million by the IDB. The bank can allocate up to $150 million now.
It was proposed to consolidate the projects - to combine several projects into one by increasing the limit within the preparation of a new strategy for cooperation for 2011-2013.
The IDB plans to allocate about $1.4 billion to implement projects in the country until 2014.
The share of the country's participation in the bank's capital amounts to 0.13 percent.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in July 1975, and the Bank was formally opened on 20 October 1975.