Islamic Development Bank invests in Karabakh Canal in Azerbaijan
The Islamic Development Bank signed two agreements with the Republic of Azerbaijan to enhance developmental cooperation in the areas of water and infrastructure. The first involves financing of $436.67 million for the rehabilitation of the Karabakh irrigation canal, aiming to improve water management efficiency and reduce water loss by 30%, thereby supporting agricultural production and the sustainability of water resources. The second is a Memorandum of Understanding to establish a partnership strategy for the period 2027-2031, intended to coordinate national development projects in line with Azerbaijan’s Vision 2030.
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