<img src="https://img.day.az/2024/10/15/800×550/isdb_loqo_1.jpg" class="article-image" alt="IDB finances water management project in Azerbaijan“/>
The Board of Executive Directors of the Islamic Development Bank (IDB) approved financing in the amount of $96.73 million for the implementation of a water resources management project in Azerbaijan, Trend reported on Tuesday with reference to the Bank, Day.Az reports.
The project reportedly aims to improve agricultural productivity and ensure food security.
The decision was made at the 357th meeting of the Board of Directors of the IDB, chaired by the president of the bank Muhammad Al Jasser October 14, 2024.
In total, more than US$3 billion in funding was approved at this meeting for 20 socio-economic development projects in 17 member countries.
Other projects and funding recipients include:
– Kazakhstan: US$1,153.5 million to develop climate-resilient water resources to improve agricultural productivity and ensure food and water security.
– Kyrgyzstan: US$45.11 million to improve smallholder livelihoods and food security through agricultural mechanization. An additional $58.25 million was approved for the social and economic development of the Issyk-Kul region by ensuring reliable and efficient energy supplies.
– Uzbekistan: US$138.80 million to upgrade the existing four-lane road to six lanes, improving regional and local connectivity and improving road safety.
– Türkiye: EUR 246.4 million (USD 261.18 million) to develop safe, accessible and sustainable transport systems through the Eastern Turkic Middle Corridor Railway Development Project. An additional $100 million has been allocated for projects to rebuild the economy in earthquake-stricken regions and improve productivity across the country.
In addition, the IDB Board of Directors approved a $10 million grant to support the Health Impact Platform in partnership with the World Health Organization, joining forces with partners to improve global health outcomes.