BAKU, Azerbaijan, February 24. The Islamic Development Bank (IsDB) has provided $436.67 million in financing to Azerbaijan to increase agricultural productivity by significantly reducing irrigation water losses and promoting sustainable rural development, in line with the "Azerbaijan 2030: National Priorities for Socioeconomic Development" program, Trend reports via the bank.
The project will also pave the way for green growth, bolster climate resilience, and guarantee food security for the long haul.
"The approved projects demonstrate the IsDB's strategic focus on promoting sustainable and inclusive growth in its member countries. By addressing key challenges in infrastructure, energy, water resources, transport, and industrial development, these initiatives will ensure long-term impact and make a significant contribution to achieving the Sustainable Development Goals (SDGs)," the statement reads.
The IsDB announced the approval of $2.41 billion in financing for a number of transformational projects at its 364th Board of Executive Directors (BED) meeting, chaired by IsDB President Mohammed Al Jasser.
The approval reflects the bank's continued commitment to strengthening regional cooperation, promoting economic development, including climate- and environmental-focused investments, and advancing the SDGs in member countries.
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