Azerbaijan, Baku, Feb.11 / Trend , I. Khalilova /
Islamic Development Bank (IDB) has launched together with the International Fund for Agricultural Development (IFAD) a new agricultural project in Azerbaijan, IDB representative in Azerbaijan Tamerlan Tagiyev said.
"The mission's first visit to Baku was last week, and experts have collected all the necessary information and documents," Tagiyev said.
According to him, the Bank plans to send an evaluation mission to Azerbaijan by the end of March. IDB expressed its willingness to allocate $55 million for the implementation of the project. The cost of the project will also depend on the number of regions covered. The project includes Yevlakh, Agdash, Sheki and Oguz.
The government appealed to IFAD in order to prepare a feasibility study of the project.
This project is included in the three-year program of cooperation with the IDB, which has not yet been approved. Regardless, IDB will be ready to approve funding for the project, without waiting for the approval of the program.
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, improvement sewer systems and supplying farmers with equipment.
Since 1997, IFAD has implemented a number of programs in the field of agricultural development in Azerbaijan. So far, Azerbaijan has received by IFAD only concessional financing for 40 years with deferred payments in 20 years and 0, 75 percent per year.
IFAD has provided four credits totalling $49.3 million. The foundation has confirmed readiness to implement new projects in 2010-2015.
Azerbaijan has been a member of the Islamic Development Bank since 1992 and today the IDB portfolio in the country reached $280 million.
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