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Islamic Development Bank proud to sign first loan for Maiden Tower reservoir - president

Economy Materials 14 November 2024 17:05 (UTC +04:00)
Islamic Development Bank proud to sign first loan for Maiden Tower reservoir - president
Humay Aghajanova
Humay Aghajanova
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BAKU, Azerbaijan, November 14. The Islamic Development Bank (IsDB) is proud of signing the first loan for the Maiden Tower reservoir project in Karabakh, the president of the Islamic Development Bank Group, Muhammed Al-Jasser told reporters, Trend reports.

“As the Islamic Development Bank, we are very proud to have signed the first loan for the Maiden Tower reservoir project in Karabakh, which will serve about 1.6 million people,” he said.

He noted that this is a very important development project.

"I assure President of the Republic of Azerbaijan Ilham Aliyev that we are looking forward to expanding our presence here. We have opportunities to expand the number of projects we can finance. We look forward to expanding the ties between the Islamic Development Bank and Azerbaijan in many areas of economic development.

We are very excited. We are positive and looking forward to new, important projects in this country,” he said.

To note, earlier with the participation of President of Azerbaijan Ilham Aliyev and President of the Islamic Development Bank Muhammed Al-Jasser, the Agency Agreement between the Republic of Azerbaijan and Islamic Development Bank on “Construction of the Main Irrigation Canal from the Maiden Tower Reservoir” Project, and Reverse Linkage Technical Assistance Grant Agreement between the Government of the Republic of Azerbaijan and Islamic Development Bank on Construction of the Main Irrigation Canal from the Maiden Tower Reservoir Project, and Framework Agreement between the Republic of Azerbaijan and Islamic Development Bank on “Construction of the Main Irrigation Canal from the Maiden Tower Reservoir” project were signed.

To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.

A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.

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