SAUDI DEVELOPMENT FUND TO ALLOT USD9.5 FOR SCHOOL CONSTRUCTION
Ambassador of Azerbaijan to the Saudi Arabia Kingdom Elman Arasli met with Deputy Chairman and Executive Director of Saudi Development Fund (SDF) Yusif Al-Bassam.As AzerTAj was informed from the embassy, Ambassador Elman Arasli invited on behalf of the Azerbaijan Government Yusif Al-Bassam to Baku to sign a Credit Agreement on financing the project on construction and equipment of 5 schools in Baku. Mr. Al-Bassam will visit Baku on August 19 with delegation of four people.Mr. Elman Arasli, dwelling on Credit Agreement, informed that the construction of five schools, meeting requirements of modern standards, is very important and the Azerbaijan Government pays particular attention to this issue. SDF allotted USD9.5 for construction and necessary equipment of the schools. The credit will be given for 20 years with concession with 2 percent of interest of the total amount. According to the Credit Agreement, repayment of the amount will begin in five years after agreement is signed.
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