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The Islamic Development Bank is ready to consider the possibility of increasing the loan issuance to Azerbaijan, IDB’s office in Baku told Trend.

"No requests have been received from the Azerbaijani government to draw additional funding from the IDB,” the bank’s office said.

“But we believe that after President Ilham Aliyev has made a statement in which he has urged to increase the volume of foreign investments to Azerbaijan, the government will appeal to us with a request."

The Bank’s stated that it is ready to give loans for financing the areas, which are traditional for the Bank.

"These can be the infrastructure, agricultural and social projects,” the bank’s office said. “If the Azerbaijani government appeals to us with a request to deliver a loan, we are ready to consider it."

Finance Minister Samir Sharifov announced on January 29 that there is not an acute need for barrowings.

"At our request the International Monetary Foundation will provide some technical assistance in connection with the implementation of a series of measures in the country's economic sphere. We consider it useful to consult with international experts. It is for this reason the missions of ADB, WB and IMF are in Baku now," he said. "However, we don't have any need to attract loans urgently."

"Azerbaijan is a member of these international organizations, respectively; if necessary we can take loans from them. It is our right. We will continue cooperation with the international financial organizations in the same order, but if necessary we can also approach them for loans", Sharifov underlined.

Azerbaijan became a member of IDB in 1992. The bank has invested over $1.2 billion in Azerbaijan for the implementation of projects in various spheres of economy.

The Islamic Development Bank is an international financial organization headquartered in Jeddah (Saudi Arabia). IDB was founded on December 18, 1973 at the first conference of the finance ministers of the OIC member states.

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