Islamic Development Bank offers three-year investment plan to Tajikistan
Azerbaijan, Baku, Oct. 27 /Trend/
Minister of Agriculture of Tajikistan (MoA) Qosim Qosimov met with Ramil Muharramov, Country Operations Manager (Tajikistan and Kyrgyzstan) at Islamic Development Bank Group (IDB), Asia-Plus reported referring to the press center of the MoA.
The IDB representative informed Qosimov of IDB-sponsored projects being implemented in Tajikistan's agrarian sector.
Muharramov noted that the IDB management intended to work out a three-year investment plan for Tajikistan. In this connection, proposals of the ministry are need because agriculture accounts for 70 percent of employment and around 30 percent of gross domestic product (GDP) of the country, the IDB representative was quoted as saying.
Qosimov appreciated the Bank's support for Tajikistan's agrarian sector and noted that the Ministry of Agriculture has worked out more than 30 projects for a total amount of 90 million U.S. dollars to date. He added that IDB could choose the highest priority projects.
Tajik minister noted that the Bank could render assistance through providing grants and preferential loans for purchase of agricultural machines and equipment on the basis of leasing, purchase of high-quality wheat and potato seeds, mineral fertilizers and pedigree cattle from the CIS nations, the source said.
The Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC, now the Organization of Islamic Cooperation), convened December 18, 1973. The bank officially began its activities on October 20, 1975.
The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organization of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.