The Islamic Development Bank (IDB) has voiced its interests in close cooperation with Azerbaijan on new instruments of financing, which were commissioned in the country. The Cabinet of Ministers of Azerbaijan informed Trend that the wish was voiced in a meeting between IBD President A. Muhammad Ali, with the Azerbaijani Prime Minister, Artur Rasizade, in Baku last week
The IDB offers cooperation in rendering of financial services, export and import operations.
The IDB jointly with the Government of Azerbaijan is going to set up the implementation of the program on investments of technical assistance program. The program is directed at increase of potential of governmental agencies for intensifying the internal investments. Such program was carried out in Malaysia, Tunis, Albania and Bosnia and Herzegovina.
The Government has achieved an agreement with the Bank on financing projects in the private sector, where it plans to invest $90mln without governmental guarantee. The program includes 6-7 projects in different spheres ranging from planting to construction of business-centers and exhibition venues. Within the framework of investment conference, held in Baku on November 8-9, 2006 the IDB reached an agreement with AtaHolding on approval of $36mln for the construction of a business-center and exhibition complex, with Billur (Ganja) on approval of $10mln for reconstruction and purchase of equipment, computers, with Nakhchivan's company Interyer on approval of $25mln for investing in a Nakhchivan based plant on production of construction materials, with two engineering companies on approval of $16mln for the establishment of a business center, as well as $6.5mln for extraction and refinery of amaranth in Masally District, south Azerbaijan.
Since 1992 the IBD has financed 26 projects in Azerbaijan with the total budget of $250mln.