IsDB Commits USD450M Project Funding for Azerbaijan

Baku, Azerbaijan. The Islamic Development Bank will finance 11 projects worth USD450 million to Azerbaijan for three years. Photo by: teuchterlad / CC BY 2.0 teuchterladCC BY 2.0

The Islamic Development Bank is providing USD450 million to support 11 projects in Azerbaijan over the next three years.

IsDB President Ahmed Mohamed Ali made the announcement in the 35th annual meeting of IsDB’s board of governors in Baku June 23, APA reports.

Azerbaijani President Ilham Aliyev welcomed the cooperation agreement with IsDB, noting that the event was a significant one for his country, Trend reports.

Aliyev highlighted the great strides achieved by Azerbaijan’s economy in the past years, with growth registered at more than 9 percent despite the global financial crisis and oil price fluctuation.

IsDB has approved 28 projects for Azerbaijan since 1992, which amounted to USD528 million, mostly in the agriculture sector and power engineering.

Meanwhile, IsDB has refused to finance infrastructure projects in Central Asia, such as the Rogun hydroelectric power station project in Tajikistan, due to the rising political tension and state border dispute between Uzbekistan and Tajikistan, ABC.az reports.

About the author

  • Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.

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