IDB prepares report on assessing project effectiveness in Azerbaijan
Azerbaijan, Baku, Oct. 4 / Trend D. Nasibova /
The Islamic Development Bank (IDB) will prepare a report on Azerbaijan in terms of the projects and the bank's activities in the country on the basis of the information collected, the IDB office in Baku told Trend.
A written report of executive agencies on the bank's projects in the country was conducted during the IDB specialists' visit to Azerbaijan. The results will also be analysed.
Similar events are being held by the IDB not only in Azerbaijan, but also in other countries to assess the activity of the bank.
Such projects as the construction of the 800-megawatt power plant Cenub, the water supply and sewerage system reconstruction project in the Azerbaijani regions and other projects are being implemented in Azerbaijan with IDB support. The agreement came into force in August this year.
Since the beginning of its activity in Azerbaijan until January 1, 2012, the Islamic Development Bank (IDB) had signed 17 loan agreements for 15 projects in the country for a total of $726.9 million.
Around $501 million or 68.9 per cent was spent out of the total volume of allocated loans till Jan. 1, 2012. In 2011, around $240.6 million of the IDB loan were mastered.
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 per cent.
The IDB was established in 1975. Since then, the founding of the bank's authorised capital has increased 15 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.