The Board of Executive Directors of the Islamic Development Bank (IDB) has approved $436.67 million in financing for Azerbaijan to improve agricultural productivity, SİA informs.
According to the IDB, the funds will be used to significantly reduce irrigation water losses and contribute to sustainable rural development in line with Azerbaijan's 2030 Vision.
The project will also advance green growth, strengthen climate resilience, and ensure long-term food security.
Azerbaijan has been a member of the IsDB since 1992, and its stake in the bank amounts to 0.13%.
The total amount of approved financing for Azerbaijan from the IsDB Group as of the end of 2024 amounted to $1.298 billion for 81 projects. Of this amount, the majority – $1.106 billion – was allocated for project financing for 35 initiatives. An additional $185.8 million will be allocated for 20 trade finance operations, $4.4 million for 23 technical assistance projects, and $1.6 million for three special assistance initiatives.
The IsDB Group will hold the 51st Annual Meeting of the Board of Governors and a number of events in Baku on June 16-19, 2026.
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