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President: IDB committed to strengthening regional partnerships in energy sector

Oil&Gas Materials 13 August 2012 16:45
Total funding of the Islamic Development Bank (IDB) to support the energy sector of IDB member countries since 1975 has exceeded 25 percent, IDB President Ahmad Mohammad Ali said.
President: IDB committed to strengthening regional partnerships in energy sector

Azerbaijan, Baku, Aug.13 /Trend A.Hasanov/

Total funding of the Islamic Development Bank (IDB) to support the energy sector of IDB member countries since 1975 has exceeded 25 percent, IDB President Ahmad Mohammad Ali said.

"And it is considering funding of other institutions of the IDB Group, including the International Islamic Trade Finance Corporation (ITFC)," the President of the IDB said.

More than 683 million from the total funding amounting to $1.158 million, approved in mid-July at a meeting of the IDB Board of Executive Directors, provided for the implementation of energy projects in Morocco, Tunisia, Uzbekistan, Iran and Tajikistan.

In particular, $200 million were approved for the construction of hydroelectric complex Mdez-El Menzel in Morocco, which will meet 42 percent of electricity needs from renewable sources by 2020, $196 million - for the project of combined cycle power plant with capacity of 400 MW in the city of Sousse (Tunisia).

Other energy projects approved at a meeting of the Board of Directors include - $100 million for modernization and expansion of hydroelectric power plants in Uzbekistan, and $185 million to Iran for laying power lines that will enable a sharing of power between the provinces of East Azerbaijan, West Azerbaijan and Ardabil. These funds will improve the reliability and quality of overloaded distribution networks, as well as meet the growing demand for power in Iran.

Recently the President of the IDB also has approved $2 million in addition to the previously allocated @9.2 million to Tajikistan to finance the construction of small power plants in rural areas of Tajikistan.

"Promoting economic and social development in member countries, the bank is committed to strengthening regional partnerships in the energy sector, particularly energy infrastructure," IDB President said.

Azerbaijan cooperates with and is a member of the Islamic Bank since 1991. The share of the country's participation in the bank's capital amounts to 0.13 percent.

Islamic Development Bank was established in 1975. Since establishment authorized capital of the bank increased 15 times - from 2 billion Islamic Dinars (Islamic Dinar is IDB unit IDB. It is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic dinars.

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