Islamic bank setting up fund to support food security
Islamic Development Bank is establishing a fund on food and agricultural businesses with an initial capital of $600 million to support food security in Islamic countries, head of division for Eastern Europe & CIS Coverage and Partnerships Department in the CIS Murad Yandiyev told Trend news agency.
Yandiyev said the fund intends to cover all Islamic countries and other states are invited to participate.
"Considering Azerbaijan's interest towards developing the oil sector, I suppose that funds for participation will be contributed from the state oil fund, or from other sources yet to be decided by the government," he noted.
Azerbaijan joined IDB in 1992. The country's share in the bank's capital amounts to 0.13 per cent.
IDB finances projects in Azerbaijan in various fields of the economy with the main emphasis on the energy sector (57.2 per cent) and agriculture (17.3 per cent).
The IDB portfolio in Azerbaijan amounts to $1.2 billion. The bank is currently operating in Azerbaijan based on a cooperation program for the period of 2011-2013, the cost of which amounts to $1.4 billion. The program consists of 13 projects.
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