Azernews, 16 March 2005

President Aliyev has expressed his satisfaction with the position of Saudi Arabia on the Upper Garabagh conflict, emphasizing that Riyadh refused to establish any relations with Armenia.

"A real friend should act this way", he said, adding that applying sanctions against Yerevan by the international community may promote the speedy resolution of the problem.

Aliyev, who was in Saudi Arabia on an official visit last week, said he was satisfied with the results of his high-level talks with the Saudi government and called on this country's business people to step up investments in Azerbaijan's economy.

Azerbaijan and Saudi Arabia signed agreements on allocation of a $18 million loan to finance the Valvalachay-Tahtakorpu canal construction project and on mutual protection and encouragement of investments.

In a meeting with the Saudi King Fahd Bin Abdul Aziz Al-Saud and Prince Abdullah bin Abdul Aziz Al-Saud, Aliyev presented the Saudi King and Prince with Azerbaijan's highest award, the Istiglal ("Independence) Order. The Saudi King, in turn, awarded the Azerbaijani President with his country's highest award, the Order of King Abdulaziz.

Azerbaijan and the Islamic Development Bank (IDB) signed two credit agreements following President Aliyev's meeting with the Bank President Ahmed Mohamed Ali.

Aliyev voiced a hope that IDB would be actively involved in large-scale projects in the country.

One of the documents envisions allocation of a $10 million loan by IDB to Azerbaijan to finance building the bridge section of the Samur-Absheron canal, while the other one - allocation of the same amount to renovate the Yevlakh-Ganja highway. The loans will be allotted for 25 years, with a regular 7-year grace period.