IDB to fund Azeri projects in multiple sectors

The Azerbaijani government and the Islamic Development Bank (IDB) signed a Memorandum of Understanding on the Action Plan for 2009-2011 in Baku on Monday.

The document, inked by Economic Development Minister Heydar Babayev and IDB director for Country Operations Yusuf Khan, covers over 10 projects to be implemented with the bank’s financial assistance in the social, finance, agriculture, transport and energy sectors.

Khan said the IDB planned to open a new credit line for a number of banks operating in Azerbaijan. He said IDB intended to cooperate not only with banking majors but also with small banks in the country to boost their competitiveness in the domestic market.*