Azerbaijan and IDB discuss cooperation in transport and ICTs

Azerbaijan’s Minister of Digital Development and Transport Rashad Nabiyev met with a delegation of the Turkish Regional Office of the Islamic Development Bank (IDB) Group headed by Walid Abdelwahab, Azernews reports.

During the meeting, the sides discussed cooperation in the sphere of transport and information and communication technologies (ICT).

According to the Ministry of Transport, the guests were presented information on measures taken in Azerbaijan in the railway and port sphere, including on increasing the population’s access to high-speed broadband internet.

It should be recalled that the IDB Group maintains strong relations with Azerbaijan and endeavors to promote its socio-economic development. The Group has approved in Azerbaijan the financing of projects totaling $1.2 billion. The portfolio includes $956 million in IDB financing, $120.2 million approved by ICD (Islamic Corporation for the Development of the Private Sector), $83.4 million in ITFC (International Islamic Trade Finance Corporation) trade operations, and $19.4 million in other IDB Group funds and operations. In addition, ICIEC (Islamic Corporation for Investment and Export Credit Insurance) provided $92.5 million in business insurance and $75.5 million in new insurance liabilities.