Islamic Development Bank interested in projects launched in Azerbaijan - minister

The Islamic Development Bank (IsDB) is interested in participating in projects implemented in Azerbaijan.

Azerbaijani Economy Minister Mikail Jabbarov made the remarks on Twitter, Trend reported on February 27.

"The Islamic Development Bank... considers participating in the projects underway in Azerbaijan. During the meeting with the Chairman of the Bank H.E. Dr Muhammad Al Jasser, we have discussed the current state of the bilateral relations, restoration of our liberated territories, implementation of the joint projects, as well as development of new cooperation platforms," the minister said.

The IsDB Group maintains strong relations with Azerbaijan and strives to promote its socio-economic development. The Group approved the financing of projects in Azerbaijan totalling $1.2 billion. The portfolio includes financing in the amount of $956 million from IsDB, $120.2 million approved by Islamic Corporation for Private Sector Development, $83.4 million in trading operations of International Islamic Trade and Finance Corporation and $19.4 million in other funds and operations of the IsDB Group. In addition, Islamic Investment and Export Credit Insurance Corporation provided $92.5 million in business insurance and $75.5 million in new insurance obligations.