Azerbaijan, Baku, Aug.8 / Trend, I. Khalilova /
The Islamic Development Bank (IDB) is considering two approval dates for a water and sewerage system project in Azerbaijan, the IDB Baku Office told Trend.
"After the project assessment in July, the bank's committees are working to improve it," the bank said. "Depending on its readiness, it is considering submitting the project for approval in September or November."
The bank is ready to allocate $200 million for the project's implementation.
The IDB plans to finance 74 percent of the total project cost.
The project will cover six regions, including Astara, Dashkesan, Tartar, Gadabay, Samukh and Gazakh.
The project is envisaged to be financed within a new cooperation program for 2011-2013, which first included two water supply and sewerage projects. The bank planed to allocate about $110 million. However, later it was decided to combine these two projects into one major project.
Azerbaijan has been an IDB member since 1992. Today, the IDB portfolio in the country has reached $700 million. The IDB changed the approach of financing the projects in Azerbaijan by increasing the maximum amount of credit allocated for one project nearly five times. Earlier, the limit of financing a project was set between $30-40 million by the IDB. The bank can allocate up to $150 million now.