IDB’s financing in Azerbaijani projects may exceed $200 mln in 2012
Azerbaijan, Baku, April 27 / Trend A.Badalova, A.Taghiyeva/
The Islamic Development Bank (IDB) plans to allocate over $200 million for agriculture project and there is possibility for consideration of other projects in agriculture and Transportation in Azerbaijan in 2012, IDB's Almaty Office Director Hisham Taleb Maarouf told Trend.
According to the Regional office Almaty , for the next year the IDB plans to consider the financing of the priority and potentially important projects in the country, where the major focus will be shifted to the agricultural sector and the Infrastructure.
"In particular for 2012, the Bank intends to consider some projects with estimated total financing exceeding US$ 200 million ," he said.
Azerbaijan joined IDB in 1992. The first IDB operation in the country was approved in May, 1991 (SA operation) before the country's membership. The country is also member of the Islamic Corporation for Development of Private Sector (ICD), which is the private sector financing arm of the IDB Group. The IDB Group comprises the Islamic Development Bank, Islamic Corporation for Insurance and Export Credit (ICIEC), Islamic Corporation for Development of Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and Islamic Research and Training Institute (IRTI).
The IDB portfolio in Azerbaijan covers the various sectors in the country with main concentration on the energy sector (57.2 percent) and agriculture sector (17.3 percent). Public utilities amounts hit 18 percent, transport and communications - 5.3 percent, health - 2 percent and education - 0.1 percent.
The Director of the Almaty Regional Office said that the total amount of the IDB Group portfolio in Azerbaijan exceeds US$1.2 billion mark and consist of 57 projects and operations. The ICD portfolio represents US$ 113.8 million and ITFC contribution to the trade financing of the county is equivalent US$38.9 million. The smallest portion is occupied by the Special Assistance operations (SAO), which is about $ 2 million.
"Azerbaijan is reckoned as one of the highly consuming country of the IDB financing in the region, the Regional Director said. Only in 2011, IDB has approved 4 projects totaling to US$ 265 million. The active portfolio of the Bank includes 8 projects totaling to US$ 804.5 million."