Azerbaijan, Baku, Feb. 27 / Trend , S.Babayeva/
Azerbaijan launched a new project backed by the International Fund for Agricultural Development (IFAD). The presentation ceremony took place on Feb. 27. Azerbaijani Agriculture Minister Ismat Abbasov attended the meeting.
"The project aims to develop the northwestern regions of Azerbaijan and increase regional revenues by developing agricultural production," IFAD Director for Azerbaijan Abdulkarim Sma said.
The project composes four components: rehabilitation and participatory management of irrigation systems ($20.8 million), agricultural development ($3.8 million), financial services and assisting businesses ($4.9 million) and project management and coordination ($2.6 million).
The project will be implemented over 5 years. Its total cost is $32.3 million. A total of $17.2 million is provided by the IFAD, $13 million by the Azerbaijani government, $1.6 million by beneficiaries and $500,000 by financial institutions.
The project aims to improve the living conditions of rural populations and food security in four regions - Shamkir, Gazakh, Tovuz and Agstafa.
The project to develop the northeastern regions of Azerbaijan is being implemented to improve housing conditions in 15,012 homes. Secondary and tertiary irrigation is being provided in the Absheron, Siyazan, Davachi and Ganja regions.
The project cost is estimated at $25.1 million. The IFAD allocated over $12 million.
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