IDB vows support to Azerbaijan in transition to non-oil economy
Baku, Azerbaijan, Jan. 29
By Azad Hasanli – Trend:
The Islamic Development Bank (IDB) is ready to support Azerbaijan in transition to non-oil-based economy, Sayed Aqa, IDB vice-president, said in an exclusive interview with Trend.
"Azerbaijan is in the global economic system which, unfortunately, is not quite positive at the moment for political reasons, trade issues and commodity prices. So all of our member countries, including Azerbaijan, are affected in one way or another," he said.
He noted that the Azerbaijani government has taken steps to switch to an economic model which will not depend on oil.
"We discussed [in the Azerbaijani Ministry of Agriculture] how we can support the agriculture sector not only in terms of agriculture improvements, but also how we can help with value addition for the products to be able to come for domestic market and also for export," Sayed Aqa added.
He noted that the IDB is ready to take part in financing of a number of the government initiatives and bring the experience of other IDB member countries that have gone through the similar transformation and transition to the non-oil-based economy.
Azerbaijan joined the Islamic Development Bank in 1992. To date, the bank has invested more than $1.3 billion to Azerbaijan for implementation of various projects.