OREANDA-NEWS. August 21, 2009. The process of approving new cooperation program  coordinated with the Islamic Development Bank (IDB) and the Azerbaijani government.

A government source says that the cooperation program, which was coordinated during IDB July mission, has already been considered and approved with a number of remarks by the Azerbaijani government.

“As a result, an upgraded variant was submitted to IDB. Now we wait for position of IDB and a decision of the IDB Board of Directors on approval of the program,” the government said.  It could happen over a number of reasons in September to October.

The program is designed for period of 2010, 2011 and 2012 and contains the list and volume of projects.

Earlier it was reported that the program will compose at least five projects – by USD 100 million for construction of a garbage processing plant and Canub electric power station, a project for Azerbaijan Melioration & Water Supply OJSC and two rural projects.

Size of their financing can make around USD 300-400 million. The program will also contain a program of technical assistance and grants.

Over the last 17 years of co-operation with Azerbaijan the Bank has given financial support for USD 268 million, including USD 78 million for 16 finished projects. Realization of 21 more projects worth totally USD 190 million is underway. IDB-Azerbaijan joint projects cover various fields, but mainly non-oil sector.

Among such projects are construction of highways Ujar-Yevlakh and Yevlakh-Ganja, laying of Velvelichay canal, etc.

Since July 1992, Azerbaijan has been an IDB member. In 2009, the country has been chairing first time in the IDB Board of Governors.