Azerbaijan Demonstrates Attractive Growth Pace of Economic Development President of Islamic Development Bank

Business Materials 8 November 2006 13:30 (UTC +04:00)

A two-day international investment conference began in Baku on 8 November with the support of the Islamic Development Bank (IDB), Trend reports.

Azerbaijan continues to demonstrate an attractive growth pace of economic development. It is worth the potential investors from the Islamic countries to intensify their efforts in Azerbaijan, the President of the IDB, Ahmet Mohammad Ali, stated at the event. The IDB and the Government of Azerbaijan are launching a program on technical assistance to investments. It is directed at boosting the potential of governmental agencies to increase domestic investments. The program is yielding interesting results regarding the development of investments and opportunities, he added, noting the successful implementation of a similar program in Bosnia and Herzegovina, Tunis, Albania and Malaysia.

The conference has been attended by approximately 100 government agencies and commercial organizations, as well as representatives of the investment circles.

Heydar Babayev, the Azerbaijani Minister for Economic Development, said that a month prior to the conference, 30 projects from Azerbaijani organizations were selected by potential investors, from a total of 140 applicants

The President of the IDB said that it plans to finance several projects in Azerbaijan. Since its beginning, the IBD has financed 26 projects in Azerbaijan with the total budget of $250 mln.