ICD SET TO EXPAND COOPERATION WITH AZERBAIJAN
Economic Development Minister of Azerbaijan Heydar Babayev met with general manager of the Islamic Corporation for the Development of the Private Sector (ICD) Ali Soliman.
Heydar Babayev told of the successful economic reforms in the country and accomplishments achieved. According to him, Azerbaijan has already become the country with the fastest growing economy. Azerbaijan registered economic growth of 34.5% in 2007 and 36.2% within the five months of 2007. Azerbaijan is a stakeholder of a number of regional projects. Commissioning of the Baku-Tbilisi-Ceyhan main export pipeline, construction of the Baku-Tbilisi-Erzeum gas pipeline play an important role in the regional economic development. Favorable investment climate, creation of equal conditions for foreign and local investors attract investments. As a result of these actions, amount of investments came to $7.6 billion, of which 61.1% constitute foreign investment. Volume of investment has amounted to $2.6 billion for the past five months of this year.
Dr. Soliman provided information about the organization he represents. Founded in 1999, ICD is the financial institution. Jiddah-based ICD’s capital stock amounts to $1 billion. 50% of ICD’s shares belong to the Islamic Development Bank, 30% to member countries and 20% to financial institutions. Azerbaijan is also a ICD shareholder. ICD has already participated in the investment projects in 20 countries. Dr. Soliman pointed out that ICD awarded credit lines for Unibank, Rabitabank and International Bank of Azerbaijan for developing a private sector in the country. Today, negotiations are underway with the Bank Standard and Turanbank.
The meeting also focused on the prospects for development of Azerbaijan-ICD relationship. H. Babayev said Azerbaijan will do its best to promote cooperation with ICD.
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