OFID considers cooperation in non-oil sector of Azerbaijan

The Azerbaijani investment opportunities and mechanisms of business-projects financing were presented at the meeting with OFID representative Ramina Samii on April 3, the Ministry of Economic Development said. The guest was also informed about projects implemented through the National Fund of Entrepreneurship Support and Investment Company.

Cooperation in development of non oil sector of the country was also considered.

OFID mission is in Baku since April 2 within official visit of the fund's director general Suleiman Al-Herbish.

The guest held talks with the National Bank of Azerbaijan Head Elman Rustamov and Finance Minister Samir Sharifov on April 2. The agreement on two loans in the amount of $10 million for AGBank was signed during the visit. Loan resources will be directed to support small and medium entrepreneurship and trade financing.

Presently, the fund participates in the Azerbaijani state sector within two projects - reconstruction of Ujar-Yevlakh road reconstruction (OFID's share hits $10 million) and Takhtakorpu-Velvelchay channel construction ($8 million). The fund allocated $5 million in private sector for Access Bank and Azerdemiryolbank within the agreement on direct financing with the country's government.

/Trend Capital/