EN.TREND.AZ - In a report issued today 29 September 2011, Standard & Poor's
affirmed for the 10th consecutive year its 'AAA' long-term and 'A-1+'
short-term credit ratings of the Islamic Development Bank (IDB) with a
Stable Outlook.
Standard & Poor's stated that the IDB's ratings are underpinned
by strong shareholders' support, very high level of capital and
liquidity and a good asset portfolio with preferred-creditor treatment
and historically very low losses. (source)
It is worth mentioning that, a few weeks ago, another credit rating
agency, MOODY'S had also awarded IDB the highest rating for the sixth
consecutive year.
Dr. Ahmed Mohamed Ali, President of the IDB, praised the strong and
generous support of the Member Countries and congratulated the staff of
the IDB Group for this achievement. He highlighted that during the
recent years, "IDB continued its efforts to reform itself with a view to
strengthening performance through improved governance and
organizational efficiencies. This will help achieve greater
developmental impact in consonance with the Year 2020 Vision".
The Islamic Development Bank is an international financial
institution established in pursuance of the Declaration of Intent issued
by the Conference of Finance Ministers of Muslim Countries held in
Jeddah in December 1973.
Azerbaijan has been an IDB member since 1992. Today, the IDB
portfolio in the country has reached $700 million. The IDB changed their
approach to financing projects in Azerbaijan by increasing the maximum
amount of credit allocated for one project nearly five times. Earlier,
the limit of financing a project was set between $30-40 million by the
IDB. The bank can now allocate up to $150 million.
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