Northeast regions development program launched by 2007

Business Materials 26 May 2006 14:35 (UTC +04:00)

Azerbaijan's northeast regions development program carried out by International Fund for Agriculture Development (IFAD) may start at the end of 2006, Trend reports with reference to Agriculture Ministry officials.

The project costs $25mln, from which over $12mln are issued by IFAD.

Originally Azerbaijans share in the project amounted $2.69mln, but due to increase of OPECs annual rate for Azerbaijan to 5% the country declined this organizations credit. It was decided to finance the project from budgetary funds.

This project is aimed to improve life of 15,012 families. Marketing studies will be performed on Absheron, Devechi and Khyzy in order to work out poverty reduction program.