The Islamic Development Bank (IDB) has allocated a $97 million loan for the construction project of a main irrigation canal from the Giz-Galasi reservoir (Eastern Zangazur region) in Azerbaijan, according to Report.
"We at the Islamic Development Bank are very proud to be the first to provide a loan in Karabakh - for the project of creating a main irrigation canal that will serve about 1.6 million people. This project is very important for the development of the region," IDB President Muhammad Al-Jasser told journalists on the sidelines of the COP29 climate conference.
According to him, the loan will amount to 97 million US dollars.
The irrigation canal will be 52 kilometers long.
"This project will transform Karabakh, and I look forward to visiting this region," he emphasized.
Muhammad Al-Jasser noted that during his meeting with Azerbaijan's President Ilham Aliyev, he assured the head of state that the IDB plans to expand operations in Azerbaijan.
"We have the potential to increase the number of projects we can finance. We hope to expand relations between the Islamic Development Bank and Azerbaijan in many areas of the economy. We are very positive and look forward to new important projects in Azerbaijan," he said.
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