Azernews.Az

By Laman Ismayilova

Azerbaijan International Development Agency (AIDA) operating under the Azerbaijani Foreign Ministry and the Islamic Development Bank (IDB) have signed a memorandum of understanding on South-South Cooperation and Mutual Connection.

The document was undersigned by AIDA Head Ashraf Shikhaliyev and IDB President Bandar Hajjar on the sidelines of an international conference in Jeddah, Saudi Arabia, Azertac reported.

Under the document, AIDA and IDB will exchange experience and knowledge, conduct trainings, and develop cooperation in various spheres.

AIDA, established in September 2011, is a responsible organ for provision of international humanitarian and development assistance by Azerbaijan and coordinates activities of relevant state agencies in this field.

Its annual budget is formed by relevant allocations from the state budget. Its activities are structured in line and concurrent with the foreign policy of Azerbaijan.

The Islamic Development Bank is an international Islamic financial institution, established in Jeddah in 1975.

The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.

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.

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