Baku, Azerbaijan, Mar.10
By Elyaz Shafiyev - Trend:
The Islamic Development Bank (IDB) signed 16 loan agreements for 13 projects in the country totaling $616.7 million since the beginning of its activity in Azerbaijan through January 1, 2015, according to the report of the Azerbaijani government on the results of 2014, which is submitted to the parliament of the country.
The implementation of 10 projects has already been completed, three projects are still being implemented, according to the report.
Prior to January 1, 2015, some $328.3 million, or 53.2 percent were spent of the total volume of credits allocated to the country by IDB. In 2014, some $22.6 million have been spent of these funds.
The IDB returned $67.3 million of the main debt on the loan till January 1, 2015.
In 2014, IDB allocated a loan worth $224.42 million to Azerbaijan to finance the project "Transfer of the Ujar-Zardab-Agjabadi highway from the third to the second category."
In accordance with the request of the government of Azerbaijan, the IDB decided to allocate a grant in the amount of $200,000 to the International Bank of Azerbaijan within the framework of a project to evaluate the feasibility of the application of the Islamic financial system with the involvement of local and foreign experts and the preparation of proposals for changes and additions to the existing legislation.
Azerbaijan cooperates with the IDB and is a member of the bank since 1991. The share of the country's participation in the bank's capital amounts to 0.13 percent.
Islamic Development Bank was established in 1975 and its authorized capital increased by 15 times - from 2 billion Islamic Dinars (Islamic Dinar is IDB's unit of account and is equivalent to one Special Drawing Right of the International Monetary Fund) to 30 billion since its founding.
Edited by CN
