IsDB approves $97 million loan for Karabakh's major irrigation project

The Islamic Development Bank (IsDB) has allocated a loan of $97 million for a significant project in Karabakh, aimed at constructing a major irrigation canal from the Giz Galasi reservoir in the East Zangazur region of Azerbaijan.

IsDB President Muhammad Al Jasser announced during the sidelines of the COP29 climate conference that the canal will span 52 kilometres, Caliber.Az reports via local media.

“We at the Islamic Development Bank are very proud to be the first to allocate a loan in Karabakh for the development of a major irrigation canal that will serve approximately 1.6 million people. This project is essential for the development and welfare of the region,” he stated.

“This project will transform Karabakh, and I am eager to visit the region,” he emphasised.

He further noted that during a meeting with Azerbaijani President Ilham Aliyev, he assured the head of state that the IsDB plans to expand its operations in Azerbaijan.

“We have the potential to increase the number of projects we can finance. We look forward to strengthening the relationship between the Islamic Development Bank and Azerbaijan across various sectors of the economy. We are very optimistic and anticipate new significant projects in Azerbaijan,” Al Jasser added.

By Aghakazim Guliyev