Azerbaijan Government, IDB to Discuss New Program on Cooperation in 2007-2009

Business Materials 30 March 2007 17:31 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / The Cabinet of Ministers has concluded work over development of a new program on cooperation with the Islamic Development Bank (IDB). The Government reported that the program includes 12 projects with the total cist of $250mln.

The program covers the period from 2007 to 2009. Every year it is planned to include 3-4 projects.

The selected projects, cover the road construction, energy, melioration, improvement of water supply of small cities and health.

The IDB's Previous terms have been maintained and the country can receive one privileged, two commercial credit and one or two grants. The projects meeting this category have been defined. The issue on privileged financing for the country is being decreased as compared to previous times, which is explained with the economic growth of Azerbaijan.

So far, the bank has financed only 4 projects on commercial terms with the total budget of $61mln. They are directed at the implementation of projects on the construction of Alat-Kazimahommad, Mingechevir power grids, Ujar-Yevlakh and Khachmaz sub-stations.