Azerbaijan, Baku, Aug.15 / Trend, N.Ismayilova /
The Islamic Development Bank (IDB) submitted a grant agreement to allocate $294,000 as a technical assistance to prepare feasibility study for the project on modernization and reconstruction of Zardab-Ujar-Agjabedi highway, IDB Baku Office told Trend on Monday.
"After commentaries and a letter on lack of remarks are received from the government, we will be ready to sign this agreement," IDB said.
IDB President approved allocation of this grant in July 2011. This project will be financed within a new cooperation program. Its financing volume will be determined after preparing the feasibility study.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB plans to allocate about $1.4 billion to implement projects in the country until 2014.
The share of the country's participation in the bank's capital amounts to 0.13 percent
Islamic Development Bank was established in 1975. Since establishment authorized capital of the bank increased 15 times - from 2 billion Islamic Dinars (Islamic Dinar is IDB unit IDB. It is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion Islamic dinars.