MED AND IDB SIGNED MEMORANDUM OF UNDERSTANDING
According to the press service of the Ministry of Economic Development, at the end of the visit Dr.Walid Abdelwahab and the Ministry of Economic Development of Azerbaijan, Farhad Aliyev signed a memorandum of understanding.
Within the framework of the visit Dr.Walid Abdelwahab discussed with the corresponding government organs of Azerbaijan several projects including the road construction project from Ujar-Yevlakh, opening a credit line for the International Bank of Azerbaijan, and many others.
The cost of the project Ujar-Yevlakh, costs USD31.046 million of which USD22 million will be issued by IDB.
Within the frame work of the project they plan to increase to USD7 million for the financing of the interbank for leasing, the temporary sale and exclusive financing. The aim of the project to financing small and medium business.
During the mission also an agreement was reached for the quick realization of the project for the "elimination of the consequences of earthquake". It was decided to submit for consideration of the IDB a project for the technical specification and tender of documents of four projects. (reconstruction of 40 school, three bridges, gas pipeline, water reservoir and pumping station in 9 regions of Baku).
Mission of the IDB also acquainted in Baku with the realization of the project "Restoration of agrarian districts", which should be completed from December 2003. Also work had been completed on the project Construction of the road Alyat-Kazi-Magomed.
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