MEMO SIGNED

Minister of Economic Development of Azerbaijan Republic Farhad Aliyev met with the delegation led by the head of Infrastructure and Finance Department-1 of Islamic Development Bank Dr Valid Abdelwahab.As AzerTAj was informed from the press service of the Ministry, delegation of the bank had been in Baku since July 5. A number of projects were discussed with relevant state structures during the visit.

The budget of “Ujar-Yevlakh road” project, to be financed by the Islamic Development Bank, amounts USD31.046 million. The Islamic Development Bank will allot USD22 million for this project.

Another project to be financed by the Bank is “Opening finance lines for Azerbaijan International Bank”. As stipulated, the Bank will allot USD7 million for this project.

During the visit of the delegation, an agreement was achieved on renewal of “Liquidation of earthquake results” project.

The delegation of Islamic Development Bank acquainted with the process of implementation of “Rehabilitation of the rural regions” project. The project is successfully implemented and is planned to be over in December this year.

A great deal of work on “Construction of the Alat-Gazimammad road” project, financed by the Bank, is finished.

Memorandum of Understanding was signed on the results of the visit of the Bank’s delegation to Azerbaijan. The document was signed by Minister of Economic Development of the Azerbaijan Farhad Aliyev and Head of the Department of the Islamic Development Bank Doctor Valid Abdelwahab.