IDB allocated $1B loan to Azerbaijan so far

IDB allocated $1B loan to Azerbaijan so far
  • Clock-gray 08:57
  • calendar-gray 08 December 2016

International conference on Investments in Azerbaijan has today kicked off in Baku.


Azerbaijani Minister of Economy Shahin Mustafayev said Azerbaijan cooperates with the Islamic states at high level.


The minister noted that the Islamic countries have been supporting Azerbaijan’s right position on Nagorno Karabakh conflict for long years.


Mustafayev invited participants to the Islamic Solidarity Games to be held next year in Baku.


Accoridng to him, Azerbaijan is closely cooperating with the Islamic Development Bank: “Islamic Development Bank has allocated $1 billion loans to Azerbaijan for implementation of 18 projects, of which 14 have already been completed”.


The minister noted that Azerbaijan is also closely cooperating with the Islamic Corporation for the Development of the Private Sector (ICD). The Corporation has allocated $130 million for implementation of 14 projects. Mustafayev said there are all conditions for investing in Azerbaijan and gave detailed information about potential of the country.


Khaled Mohammed Al-Aboodi, Chief Executive Officer and General Manager at ICD, said that the ICD will contribute to Azerbaijan’s non-oil sector in the future: “We provided assistance to Azerbaijani company through the local banks. We’ll continue to make efforts to increase transit potential in Azerbaijan”.  


The CEO added that ICD is ready to share its experience with all countries, including Azerbaijan: “Our assets will reach $35 trillion by 2020. We’ll provide support to other Islamic countries through these assets. We are interested in holding of such events and establishment of joint ventures and companies in Azerbaijan”.


At the end, a memorandum of understanding was signed between ICD and Baku International Sea Trade Port on cooperation.


The conference is being attended by nearly 200 businessmen from 24 countries.


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