Baku, Azerbaijan, Apr.14
By Anvar Mammadov - Trend:
Islamic Development Bank's mission will visit Baku in order to become familiar with the process of implementation of the project for the comprehensive development of the rural areas, IDB representative in Azerbaijan told Trend.
Improving the irrigation system is one of the elements of this project.
IDB representative Tamerlan Tagiyev said the mission will be in Azerbaijan on Apr.14-18.
It should be noted that the project for the comprehensive development of the rural areas is being implemented with the loans of IDB and the International Fund for Agricultural Development.
The project envisages rendering assistance to 50,000 families in rural areas in four northern and central regions of the country, namely, in Yevlakh, Aghdash, Sheki and Oghuz.
The total cost of the project is $103.8 million. IDB approved the allocation of $66.4 million worth loan in late 2010, while IFAD approved $19.7 million worth loan in 2011 to finance the mentioned project. The remaining part will be financed with the share of the country's government.
Azerbaijan became a member of IDB in 1992. The bank has invested over $1.2 billion in Azerbaijan for the implementation of projects in various spheres of economy.
The total volume of investments made by IFAD in Azerbaijan is $87 million. It has implemented a number of agricultural development programs in Azerbaijan since 1997.
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