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Azerbaijan calls for closer cooperation with ICD

1 June 2016 11:30 (UTC+04:00)
Azerbaijan calls for closer cooperation with ICD

By Nigar Abbasova

Azerbaijan has offered the Islamic Corporation for the Development of the private sector (ICD) to invest in creation of industrial parks and sites in Azerbaijan.

The issue was on the highest agenda during the meeting between Azerbaijan’s Economy Minister Shahin Mustafayev and Khaled Al-Aboodi, ICD CEO on May 31.

The minister mentioned that Azerbaijan and ICD have huge opportunities for the further development of cooperation. Mustafayev highly appreciated the support that the corporation rendered for the development of private sector in the country.

So far, ICD has allocated funds to support 14 projects with the total cost amounting to $130 million.

The sides also discussed the operation of Caspian International Investment Company which is considered to be an investment vehicle. The company is expected to realize a range of new projects in the country.

Khaled Al-Aboodi in his turn expressed his satisfaction over the fruitful cooperation with Azerbaijan. Speaking about further expanding of ICD’s operations in Azerbaijan, he said that the corporation will continue its participation in the implementation of different projects.

Currently, Azerbaijan makes huge efforts to develop non-oil sector of the economy to diminish the side –effects of low oil prices.

In 2011-201, industrial parks were created Sumgait, in the village of Balakhani in Baku and Mingachevir. The country seeks to further boost this sphere and create industrial parks in other cities. In order to provide for the strengthening of this area the government took a decision to exempt residents of industrial parks in Azerbaijan from customs duties. The country also provides favorable conditions for other countries to participate in the industrial parks.

Being established in November 1999 the ICD supports the economic development of its member countries through providing finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross border investments.

The corporation launched its operations in Azerbaijan in 2003. With its headquarters in Jeddah, Saudi Arabia, the corporation provides funds for small and medium enterprises in the participant countries.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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