RIYADH, 10 March 2005 — Azerbaijan’s President Ilham Aliyev, who witnessed the signing of two bilateral economic agreements here yesterday, called for intensifying efforts to boost political, commercial and cultural relations with Saudi Arabia.
The call was made during his meeting with Saudi businessmen at the Riyadh Chamber of Commerce and Industry (RCCI) following his talks with Custodian of the Two Holy Mosques King Fahd, Crown Prince Abdullah and a host of Saudi officials.
Aliyev said that “Baku is looking to Saudi Arabia to support its regional interests politically and commercially”. He reiterated that “the Kingdom is, in fact, supporting the Azeri position, at a time when we have been wrestling with a geopolitical dilemma created because of the conflict with Armenia”.
The Azeri leader witnessed the signing of an investment protection agreement prior to his meeting at RCCI. Another agreement for SR67.5 million credit line facility granted by Saudi Fund for Development (SFD) to Azerbaijan was also signed in the presence of the president.
On behalf of Saudi Arabia, the accords were inked by Finance Minister Dr. Ibrahim Al-Assaf. Later, Aliyev participated in the RCCI meeting, which was also attended by Minister of Commerce and Industry Dr. Hashim Abdullah Yamani.
Azeri diplomat Naghi Jaabbarov said that “two credit agreements will also be signed by the Islamic Development Bank (IDB) and Azerbaijan on Thursday in Jeddah”.
IDB has agreed to grant $10.4 million credit facility for a road construction project and another $10.1 million credit for a tunnel project in that former Soviet republic. Referring to the progressively growing Riyadh-Baku relations following the meeting of businessmen at RCCI, Saad ibn Ibrahim Al-Mojel, RCCI’s vice chairman, said that “the two sides are discussing as how to set up direct transportation links between the two countries. There is neither a direct flight to Baku nor a port in the Azeri capital, which are hampering our business plans and relations”.
“President Aliyev has promised to look into the possibility of setting set up direct air link to boost tourism and pilgrimage traffic”, he said. Al-Mojel said that “there is a lot of potential to forge closer relations in all sectors”.
He said that “the Armenian problem and the geopolitical dilemma with which Azerbaijan is faced with will not discourage the Saudi leaders and businessmen”.
Jaabbarov said that the funds will be used for building and expanding infrastructure in that country.
