IDB begins second project evaluation in Azerbaijan

Business Materials 11 September 2012 16:17 (UTC +04:00)

Azerbaijan, Baku, Sept. 11 / Trend A.Hasanov /

The second mission evaluating the effectiveness of the Islamic Development Bank's (IDB) projects will visit Azerbaijan from Sept. 17-26 to evaluate their social and economic development, the IDB Baku Office told Trend on Tuesday.

"As opposed to the first assessment mission, the bank experts will familiarize with the implemented and ongoing projects within the second mission," IDB office said.

IDB leading specialist Abdul Hamid Bashir heads IDB mission.

IDB department chief Mohameden Sidiya will join the assessment mission in the third decade of the month.

The mission will prepare a report.

Islamic Development Bank (IDB) since the beginning of its activity in Azerbaijan until January 1, 2012 signed 17 loan agreements for 15 projects in the country for a total of $726.9 million.

Azerbaijan has cooperated and has been a member of the Islamic Bank since 1991. The country's share in the capital of the bank is 0.13 percent.

The IDB was established in 1975, since the founding the bank's authorized capital has increased fifteen times from two billion Islamic dinars (Islamic dinar is a unit of IDB account and is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic Dinars.