IDB pledges $450m loan to Azerbaijan
The Saudi-based Islamic Development Bank (IDB) will lend $450
million to Azerbaijan over the next three years, IDB President
Ahmed Mohammed Ali said Wednesday.
According to him, the funds will be allocated under 11 projects implemented in various fields of the Azerbaijani economy.
IDB has financed 28 projects to the tune of $528 million in Azerbaijan since it began cooperating with the country in 1992.
Addressing an annual IDB Board of Governors meeting in Baku, the IDB president said the bank has focused its work in the South Caucasus republic on financing projects in the agricultural and electric power sectors, which are pivotal for the country’s sustainable development.
Ali also called on the Islamic countries, which have been hit the hardest by the world financial crisis, to be steadfast in the face of the downturn.
"IDB’s financing activity reached an unseen level last year - $7.25 billion, which was 25 percent above the figure reported the previous year," he said.*
According to him, the funds will be allocated under 11 projects implemented in various fields of the Azerbaijani economy.
IDB has financed 28 projects to the tune of $528 million in Azerbaijan since it began cooperating with the country in 1992.
Addressing an annual IDB Board of Governors meeting in Baku, the IDB president said the bank has focused its work in the South Caucasus republic on financing projects in the agricultural and electric power sectors, which are pivotal for the country’s sustainable development.
Ali also called on the Islamic countries, which have been hit the hardest by the world financial crisis, to be steadfast in the face of the downturn.
"IDB’s financing activity reached an unseen level last year - $7.25 billion, which was 25 percent above the figure reported the previous year," he said.*
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