Islamic Bank of Development Ready to Finance Telecommunications Sector of Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / The Islamic Bank of Development (IBD) expressed its readiness to finance the telecommunications sector of Azerbaijan. Within the project of the 'Electronic Government', IBD will allocate $100mln.
The Cabinet of Ministers considers the borrowing of such a sum to be useless. In compliance with the commerce financing of the IBD, the credits are allocated for fifteen years with a three-year grace period and an interest rate of 5.95%.
The next discussions on the project will be held with the experts of IBD during their visit to Baku in the near future.
The World Bank, which allocated $30mln, also has interest in establishing the 'Electronic Government' in Azerbaijan.