Azernews.Az

By Ayya Lmahamad

The Islamic Development Bank has invested $1 billion in Azerbaijan’s economy within 18 projects over the recent years, Economy Minister Mikayil Jabbarov has said.

Seven of these projects, covering agriculture, social sphere and water supply, have already been completed and 1 project is under implementation, Jabbarov said while addressing a video conference with the bank’s President Bandar Hajjar on May 27.

Stressing the importance of relations with the IsDB, Jabbarov highly appreciated the bank’s support for Azerbaijan’s private sector development.

The minister also said that it was possible for the bank to cooperate with Azerbaijan over the reconstruction of the country’s territories recently liberated from the Armenian occupation.

He noted the importance of implementing the concepts of “smart village” and “smart city” in these territories and support for projects related to the construction of a sustainable infrastructure network.

During the meeting, the possibility of cooperation of the Bank with Azerbaijan’s Small and Medium-sized Business Development Agency and Azerbaijan Investment Company, and the expansion of Bank participation in projects aimed at the development of the country and region with the use of digital economy and the 4th industrial revolution was noted.

In turn, Hajjar noted the Bank’s support for Azerbaijan’s economic reforms and informed about the opportunities to expand bilateral ties. He also noted that the Bank will continue to actively participate in projects implemented in Azerbaijan.

The parties discussed strengthening of economic and financial partnership, expansion of cooperation in priority areas and other issues of mutual interest.

It should be noted that Azerbaijan joined the Islamic Development Bank on 4 July 1992.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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