Azernews.Az

The Islamic Development Bank (IDB) has invested more than $1.2 billion in Azerbaijan, IDB representative in Azerbaijan Tamerlan Tagiyev told media Monday.

"At present, the bank implements a number of major projects in the country, the largest of which is a project to build the 800-megawatt Cenub station," he said. "The bank invested in the construction of the plant to clean up solid waste and improve water supply systems in six regions of the country for agriculture."

He said that the IDB attaches great importance to the development of human resources in the bank's member countries and regularly holds workshops and training sessions.

IDB currently operates in Azerbaijan as part of a cooperation package for 2011-2013, costing $1.4 billion. The programme includes 13 projects.

Azerbaijan has been a member of the Islamic bank since 1991. Its share in the bank's capital is 0.13 per cent.

Structural branches of the Bank and in particular the Islamic Corporation for the Development of the Private Sector (ICD is part of the IDB group), have already expressed their willingness to support projects in Azerbaijan directly along with financing of projects under the state guarantee. This will help expansion of financing through commercial banks.

The corporation has such an opportunity to finance the private sector in the country via the Caspian International Investment Company, established by the ICD together with the Azerbaijani Investment Company.