ECONOMY
MINISTER OF ECONOMIC DEVELOPMENT MEETS WITH IDB PRESIDENT
Heydar Babayev said Azerbaijan attaches great importance to cooperation with the IDB, and mentioned the IDB-funded projects, which are being successfully implemented in Azerbaijan, are aimed at reconstructing highways, improving energy and water supply system and living conditions of refugees and internally displaced persons.
The Bank has pledged about $140 million for these projects, to date.
At the same time, commercial banks of Azerbaijan can use the credit line provided by the IDB’s Islamic Corporation for the Development of the Private Sector.
The corporation is expected to directly participate in private sector projects in Azerbaijan in the future.
Azeri minister expressed hope that the IDB would further support development of cooperation with Azerbaijan, and take an active part in financing projects in the country.
The discussions also revolved around the investment conference, which is scheduled to be held November 7-9 this year in Baku in accordance with the agreement between Azerbaijan and the IDB.
Under this agreement, the IDB will also provide technical support for organizing the conference, which will be attended by about two hundred businessmen from the IDB member-states.
DR. Ahmad Mohamed Ali, in his turn, expressed satisfaction with the development of ties between the bank and Azerbaijan, and highlighted the importance of the upcoming investment conference in terms of development of relationship between Azerbaijan and the IDB as well as its members-states.