On September 18, the mission of the Islamic Development Bank (IDB) will visit Azerbaijan to prepare a new program of co-operation of IDB with the Azerbaijani government, which is intended for 2007-2009. The mission will be headed by the Director of IDB Department for Operations Mahammad Yosuf Khan, a government source told Trend.
According to the terms of the bank, Azerbaijan will annually choose one privileged and two commercial credits and one or two grants from the bank. A project will need to be defined for this purpose. The low privileged financing is due to the economical development rate in Azerbaijan.
The program between IDB and Azerbaijan is annually reconsidered. At the moment, the co-operation is being realized on the base of the program intended for 2004-2006, and this year a program for 2006 will be considered and simultaneously will cover the period of 2007-2009. In addition, the bank has submitted to the Azerbaijani government the preliminary variant of the co-operation program for 2006-2007.
Only 4 ($61 million) out of 12 Azerbaijani projects (gross amount $150 million) financed by the bank to the present time were funded based on commercial conditions. They were directed towards the construction of automobile roads of Alat-Gazimmammadli, Mingachevir Electric Power Station, road of Ujar-Yevlakh and Khachmaz Substation.
The technical assistance provided by the bank to Azerbaijan amounts to $4 mln.
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