Azerbaijan, Baku / Trend corr I. Khalilova / An expert group of the Islamic Corporation for Development of the Private Sector will arrive in Baku on 25 June to monitor the use of its credit line by the International Bank of Azerbaijan (IBA), the Deputy President of the IBA, Askar Mamadov, reported on 12 June.
"We have received an audit account distributed among all the partners including the Islamic Corporation. Now they will come to observe the implementation of the current projects and opportunities for financing new ones," Mammadov said.
IBA has been cooperating with the Islamic Corporation since 2004. The Corporation opened a credit line at the total amount of 4.5mln to the IBA for financing projects in Azerbaijan. According to Mammadov, the line has been utilized and the funds are used for financing other projects. However, in accordance with the regulations of the Islamic Corporation, the IBA can use the line one more time providing 25% repayment.
"We repaid the 25% and have the right to finance new projects," Mammadov noted.