Azerbaijan draws over half of IFAD credit funds
Azerbaijan, Baku, March 14 / Trend, Akhundov /
The International Fund for Agricultural Development (IFAD) has signed loan agreements on five projects in Azerbaijan, totalling 45 million SDR, or about $68.9 million since the beginning of cooperation with the countryside and before Jan.1, 2012, an Azerbaijani government report on the results of 2011, submitted to parliament, says.
Since 1997, IFAD has implemented several programmes in the agricultural development in Azerbaijan. The implementation of three projects has already been completed, while another two are underway.
Before Jan.1, 2012, $39.1 million, or 56.7 per cent of the total volume of the allocated loans were spent. In 2011, $5 million of the IFAD loans were drawn. As of Jan.1, 2012, $2 million of the main debt on loans had been repaid to the IFAD.
The International Fund for Agricultural Development is a UN specialised agency. It was created 30 years ago to help poor rural people in different countries of the world.