The Azerbaijani government appealed to the OPEC Fund with request to finance a project on �Development of the Northeast regions of
In 2005 the government anew appealed to the OPEC Fund with request to grant $6m
for irrigation work. A credit agreement with IFAD can be signed following the approval by the Fund.
The total budget of the project is $25m, with $3m to be allocated by the Azerbaijani government. IFAD will approve $14.5m with annual rate of 0.75%, while $7.5m might be provided by the OPEC Fund. The Fund is ready to open financing with 2.5% per annual, whereas the government does plan to attract the funds at 0.75% per annum. The project will be implemented in the northeast