Azerbaijan, Baku, Jan. 15 / Trend I.Khalilova /
The Islamic Development Bank (IDB) is ready to send a mission to Azerbaijan for a new agricultural project proposed on co-financing together with the International Fund for Agricultural Development (IFAD) in February, IDB representative in Azerbaijan Tamerlan Tagiyev said.
"Presently, the IDB expects the governmental official appeal regarding the adoption of the proposal on co-financing the project for agricultural development in the country's four regions," he added.
The government reported that the proposal currently being considered in the Ministries of Finance and Economic Development. Previously, the project included Yevlakh, Agdash, Sheki and Oguz, but this is not the final list of areas. It will be clarified after the approval of the project. Moreover, the project cost was not clarified due to lack of feasibility study for the preparation of which the government appealed to IFAD.
This project will be similar to the agricultural projects implemented in Azerbaijan by IFAD. The new project may also include the issuance of micro-credit, water user associations, improving sewer systems and ensuring farmers with equipment and feedstuffs.
Since 1997, IFAD has implemented a number of programs in the field of agricultural development in Azerbaijan. So far, Azerbaijan has received by the IFAD only concessional financing for 40 years with deferred payments in 20 years and 0.75 percent per annum.
So far, the country has received from IFAD four credits totaling $49.3 million. The Foundation has confirmed the readiness to implement new projects in 2010-2015.
Azerbaijan has became a member of the Islamic Development Bank since 1992 and today the IDB portfolio in the country reached $280 million that were allocated for projects in various spheres of the economy.
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