AzerNews Weekly, Azerbaijan
March 17 2005

Azerbaijan welcomes Saudi Arabia’s position on Garabagh conflict

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.