IDB talks completion of 3 projects in Azerbaijan
Baku, Azerbaijan, Oct. 3
By Taleh Mursagulov - Trend:
The Islamic Development Bank (IDB) plans to complete the implementation of three projects in Azerbaijan until the end of 2020, a source in the IDB Baku office told Trend.
“We are implementing three projects in Azerbaijan: a project to support agriculture development, a project with Azersu OJSC to supply water to six districts, and technical assistance to introduce Islamic banking in the country,” the source said.
At the same time, the source noted that the mentioned projects may be implemented ahead of schedule. The bank didn’t specify how much has already been allocated to the projects, noting that their financing is still ongoing.
In 2011, the IDB allocated $66.4 million as part of a project for comprehensive development of rural areas, to improve the irrigation systems of the Yevlakh and Agdash districts of Azerbaijan. The total cost of the project is $103.5 million.
The cost of the project to improve the water supply and sanitation system in six Azerbaijani districts amounted to $270 million, of which $200 million accounted for the bank’s loan. Its implementation began in 2011 and covers Astara, Dashkasan, Terter, Gadabay, Samukh and Gazakh.
In addition, since 2017, the IDB is implementing a technical assistance project worth $200,000, as part of which the bank will help Azerbaijan introduce Islamic banking.
Azerbaijan joined the IDB in 1992.