OPEC to Allot $8mln Credit for Samur-Absheron Irrigation System

Politics Materials 20 October 2006 13:08 (UTC +04:00)

A meeting of the Permanent Parliamentary Commission on agrarian policy of Milli Majlis [Azerbaijani parliament] was held on 20 October. A draft law was discussed on the approval of a credit agreement on the Samur-Absheron irrigation system between

The Republic of Azerbaijan and the OPEC International Development Fund.

Eldar Ibrahimov, the Chairman of the Commission noted that the document was discussed in 4 commissions. OPEC will allot a $4mln credit to Azerbaijan for implementation of the project.

Ibrahimov stressed that under the project, it is planned to construct a water reservoir, Takhtakorpu, with a capacity of 268 million cu.m. Water will flow into the Jeyranbatan water reservoir through Takhtakorpu. The meeting noted that the project will be financed by the Islamic Development Bank, OPEC and the Saudi Development Fund. From 2010 it is planned to repay the loan over 20 years in the amount of $266,000 per year.