IDB allocates nearly $1B for projects in Azerbaijan
Baku, Azerbaijan, Dec. 8
By Azad Hasanli – Trend:
The Islamic Development Bank (IDB) has allocated nearly $1 billion for the implementation of 18 projects in Azerbaijan, the country’s Economy Minister Shahin Mustafayev said.
He made the remarks Dec. 8 in Baku during Azerbaijan International Investment Conference.
The conference is organized by the Islamic Corporation for Development of the Private Sector (ICD), IDB Group Business Forum, Azerbaijan Investment Company and the Azerbaijan Export and Investment Promotion Foundation (AZPROMO).
Over 200 representatives and heads of government agencies, local and foreign companies from 24 countries are taking part in the event.
Mustafayev said that 14 of 18 projects have already been implemented in Azerbaijan, and four projects are in the process of implementation.
Regarding activity of the ICD, which is part of the IDB Group in Azerbaijan, the minister noted that since the beginning of cooperation, the structure has invested about $130 million in projects in Azerbaijan’s private sector.
Mustafayev also urged businessmen to cooperate with the Caspian International Investment Company (CIIC), one of the shareholders of which is the ICD.
Azerbaijan’s economy minister added that the company hasn’t fully used its capital and entrepreneurs can take advantage of this opportunity to submit their projects for funding to the CIIC.
Currently, the company is implementing six projects, Mustafayev noted.