Azerbaijan`s head urges international financial institutions to support developing countries


January 23, Fineko/ President Ilham Aliyev called on international financial institutions to support developing countries.

The Azerbaijani leader stated that in 2004-2005 the country could not raise finances for implementation of large infrastructure projects.

"Our appeals were rejected as investments would hardly be paid off even in the medium-term prospect. Of course, it is very difficult for countries without financial resources. Those states that are lacking financial resources have more pressing issues. For example, unemployment, investment in the real sector of the economy to generate income and infrastructure projects are not the priority for those countries. So, I believe that financial institutions should pay more attention to this matter. I am particularly referring to the international financial institutions. They should be assisted in investing in infrastructure of countries that will create opportunities for job creation within 10 years," President Aliyev said.