OREANDA-NEWS. January 27, 2010. The OPEC Fund for International Development (OFID) approved the largest project in Azerbaijan.

OFID informed that the board of directors of OFID approved allocation of Euro 20 million (USD 29.6 million ) for financing of construction work of thermal power station Cenub in Azerbaijan. For the time being, it is the largest investment of OFID in the country.

Earlier, the Islamic Development Bank (IDB) allocated  ? 134 million for the project. It is expected that the Abu Dhabi Fund for Development (ADFD) and commercial banks under guarantees of the Asian Development Bank (ADB) will also finance.

Since 1976, OFID has approved allocation of USD 11.35 bn for the projects in 121 developing countries.