IDB may consider participation in North-South project (exclusive)
Baku, Azerbaijan, Jan. 26
By Azad Hasanli – Trend:
The Islamic Development Bank (IDB) may consider financing the International North-South Transportation Corridor (INSTC) project if it is requested by the Azerbaijani government, said IDB Vice President Sayed Aqa in his exclusive interview with Trend.
“One of our key goal as Islamic Development Bank Group is to enhance cooperation between our member countries. This can only be done through regional programs, regional cooperation and integration programs,” said Sayed Aqa.
He particularly noted that the bank, with the contribution of the Azerbaijani government, developed the “Special Program for Central Asia” that includes six countries, including Azerbaijan. The program also covers Kazakhstan, Kyrgyzstan, Turkmenistan, Uzbekistan and Tajikistan.
“That program aims to enhance regional cooperation not only in terms of financing energy corridors, transport corridors, trade facilities and also agriculture products, but also to help reducing costs of cooperation in trade, in investment, in regional sectors,” said the vice president adding that regional programs and projects are important for the bank.
Total cost of the “Special Program for Central Asia” is $6 billion. It includes several projects in the spheres of transportation, energy, agriculture and trade that are planned to be implemented in 2016-2020.
Commenting on IDB plans for 2017, Sayed Aqa said that the bank has already started discussions with the Azerbaijani government on implementation of projects in the spheres of agriculture, trade, transportation and energy.
“Since agriculture is a very high priority especially within the context of economic diversification, we will continue to invest in agriculture and irrigation systems,” he noted, adding that the bank also hopes for the implementation of some regional projects in 2017.
The International North-South Transport Corridor is meant to connect Northern Europe with Southeast Asia. It will serve as a link connecting the railways of Azerbaijan, Iran and Russia.
The corridor is planned to transport 6 million tons of cargo per year at the initial stage and 15-20 million tons of cargo in the future.
Azerbaijan joined the IDB in 1992.