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IDB allocates 66 mln USD for two regions in Azerbaijan

The bank provided 2 million USD to finance small business

Baku. 7 June. REPORT.AZ/ Islamic Development Bank (IDB), in the framework of the project of integrated development of rural areas, has allocated a loan of $ 66.4 million USD for improvement of the irrigation systems in Yevlakh and Agdash regions. Report was told by the head of the IDB Azerbaijani Representative Tamerlan Tagiyev, 17 million USD of this loan granted on preferential terms.

The project includes improvement of the irrigation systems of lands with total area of 72 thousand hectares.

Bank representative also said that they plan to install more than 4 thousand pieces of equipment: "The effectiveness of the irrigation system in the area of 72 hectares will grow from 55% to 85-90%."

According to T.Tagiyev, within the framework of this project IDB has allocated $2 million USD to small businesses through the non-bank credit organizations: " $1 million USD has already been spent."

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