Azerbaijani Economy Ministry, Saudi Fund for Development ink MoU

Azerbaijan’s Ministry of Economy and the Saudi Fund for Development (SFD) have signed a Memorandum of Understanding.

The document was inked by Azerbaijan’s Minister of Economy Mikayil Jabbarov and Minister of Investment of the Kingdom of Saudi Arabia, co-chairman of the Intergovernmental Joint Commission between the Republic of Azerbaijan and the Kingdom of Saudi Arabia Khalid Bin Abdulaziz Al-Falih.

The MoU envisages financing of a number of important development projects in the priority areas for Azerbaijan by the Saudi Fund for Development.

Minister Mikayil Jabbarov hailed the development of Azerbaijan-Saudi Arabia economic relations and expansion of ties between the business circles. The minister underlined the possibility of investing in the priority areas of the economy, including industry, energy and agriculture, and the participation of Saudi Arabian investors in the reconstruction of Azerbaijani territories liberated from occupation.

Saudi Arabian Investment Minister Khalid Bin Abdulaziz Al-Falih expressed his confidence that the efforts to strengthen the cooperation between the two countries, as well as discussions held in this regard would contribute to the further development of economic and trade relations.

The sides also exchanged views on prospects of implementing new joint projects.


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