Turkey, Istanbul, Oct. 12 /Trend special corr. I.Khalilova/
The Islamic Development Bank is establishing a fund on food and agricultural businesses with an initial capital of $600 million to support food security in Islamic countries, head of division for Eastern Europe & CIS Coverage and Partnerships Department in the CIS Murad Yandiyev told Trend on Friday.
Yandiyev said the fund is going to cover all Islamic countries and others are invited to participate.
"Considering Azerbaijan's interest towards developing oil sector, I suppose that funds for participation will be contributed from the State Oil Fund (SOFAZ) of Azerbaijan, or from other sources yet to be decided by the government," he noted.
According to Yandiyev, the fund's capital has not been paid yet.
Azerbaijan joined the IDB in 1992. The first IDB operation in the country was held in May 1991 before its membership into the organization. The country's share in the bank's capital hits 0.13 per cent.
Azerbaijan is also a member of the Islamic Corporation for the Development of the Private Sector, which is IDB Group's investment unit. The Islamic Development Bank, Islamic Corporation for the Insurance of Investment and Export Credit, Islamic Corporation for Development of Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC) and Islamic Research and Training Institute (IRTI) are all included in this group.
The IDB finances projects in Azerbaijan in various fields of the economy focusing on the fields of energy (57.2 per cent) and agriculture (17.3 per cent).
The IDB portfolio in Azerbaijan amounts to $1.2 billion. The IDB is currently operating in Azerbaijan based on a cooperation programme for the period of 2011-2013, the cost of which amounts to $1.4 billion. The programme consists of 13 projects.
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