Azerbaijan, Isdb Ink Mou For Country Cooperation Framework Preparation
Date
1/31/2024 2:18:15 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 30. Azerbaijan and
the Islamic Development bank (IsDB) have signed a memorandum of
understanding, Azerbaijani Minister of Economy Mikayil Jabbarov
wrote on X, Trend reports.
"During the video conference with Muhammad Sulaiman Al Jasser,
President of the Islamic Development Bank, we signed the Memorandum
of Understanding on the Preparation of the Country Cooperation
Framework for Azerbaijan between the Ministry of Economy of the
Republic of Azerbaijan and the Islamic Development Bank," Jabbarov
said.
He added that this document will contribute to bolstering joint
activities aimed at cooperation between the parties and advancing
Azerbaijan's socio-economic development goals.
The sides also exchanged views on the agenda items planned
within the framework of COP29.
The IsDB group maintains strong relations with Azerbaijan and
aims to contribute to its socio-economic development. The group has
approved financing for projects in Azerbaijan with a total amount
of $1.2 billion. The portfolio includes $956 million in financing
from IsDB, $120.2 million approved by the Islamic Corporation for
the Development of the Private Sector (ICDPS), $83.4 million in
trade operations from the International Islamic Trade Finance
Corporation (ITFC), and $19.4 million in other funds and operations
of the IsDB group.
Additionally, the Islamic Corporation for the Insurance of
Investment and Export Credit (ICIEC), which is part of the IsDB
group, provided $92.5 million for business insurance and $75.5
million for new insurance obligations to Azerbaijan.
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