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Islamic Bank of Development Ready to Finance Telecommunications Sector of Azerbaijan

Business Materials 3 August 2007 16:44 (UTC +04:00)

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.

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