IDB’s operations in Central Asia exceed US$3.3 bln
Azerbaijan, Baku, April 27 / Trend A. Badalova A.Taghiyeva/
The Islamic Development Bank's (IDB) operations in the Central Asian region have amounted to US$ 3.34 billion so far, IDB's Almaty Office Director Hisham Taleb Maarouf told Trend
According to the Regional Director, US$1,051 million accounted for Azerbaijan, US$695.1 million, - for Kazakhstan, US$159 million - for Kyrgyzstan, US$ 212.4 million - for Tajikistan, US$637.6 million - for Turkmenistan and US$589.7 million - for Uzbekistan.
"The share of the Azerbaijan in the region is 31.4 percent and this is biggest share amid the Central Asian countries," Mr Maarouf said.
According to him, the IDB portfolio in the region covers the various sectors, mainly transport and communications, energy, social sector (health and education), agriculture,poverty alleviation and small and medium business development.
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 Islamic Development Bank is an international financial institution. The purpose of the Bank is to foster the economic development and social progress of its member countries and Muslim communities individually in non member countries as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.
The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The present membership of the Bank consists of 56 member countries.