Azerbaijan submitted a list of projects to Islamic Development Bank for funding in 2009-10

Baku-Azerbaijan is ready to activate the process of raising of finances from Islamic Development Bank (IDB).The government informed that it has submitted a list of projects to IDB for financing in 2009-10.

“Every year it is expected to finance by two projects estimated at up to $100 million. The submitted document is now under consideration of the Bank,” the source said.

The list does not include projects for IDB direct financing for private sector.

In March minister of economic development Heydar Babayev of Azerbaijan and Mohammad Yusif Khan, deputy director of the IDB first operating department signed the Memorandum of Intentions on IDB-Azerbaijan co-operation for 2009-11 fiscal years.

The Programme includes over 10 projects in such areas as finance, agriculture, transport, power sector, and social sector. The new programme focuses on non-oil sector development.

Within the IDB new strategy the Bank is planning to open credit lines for some banks of Azerbaijan, and first of all, for small banks to increase their competition and is ready for co-operation with the National Business Support Fund of Azerbaijan.

Within operating period IDB is planning to finance around $200 million for projects in the country.