Azerbaijan

Azerbaijan: Islamic Development Bank to fund over $10 mln for IDP projects

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Islamic Development Bank is to disburse a long-term credit for financing project on social infrastructure for IDPs in Azerbaijan, a government source said.

The project executor is IDP Social Fund. IDB is to allocate $10,270,000 and the Azeri government $4,270,000 for the project. The credit will be extended for 25 years and project period is three years.

Presently negotiations on the project between the Bank and government are under completion, and by early December they are to sign a credit agreement, a government source emphasized. The project major goal is reconstruction and building of sewage and watersupply systems, medical and other social sites in the chosen regions, Fizuli and Bilasuvar in particular.

The Fund will establish a special expert group to realize all the project measures.

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