Al Jasser: IsDB plans to allocate more than $430 million for project in Azerbaijan

The Islamic Development Bank Group plans to allocate more than $430 million to Azerbaijan for the implementation of a major project, Muhammad Al Jasser said during the IsDB Group Annual Meetings being held in Baku.

Report quotes Al Jasser as saying the Group has so far financed projects in Azerbaijan worth more than $1.3 billion, and cooperation has expanded following the liberation of the country"s Karabakh region from occupation.

"I have visited Karabakh twice to personally observe the work being carried out in the region, and the development taking place there is truly impressive. The first project we financed in Karabakh was related to water supply and irrigation systems. We are currently working on a major project worth more than $430 million. The project is aimed at improving water resource management, rehabilitating outdated and damaged canals, and preventing losses caused by leakages," he said.

Al Jasser added that the Group is also considering other projects in Azerbaijan, including highway and road infrastructure as well as railway development.

"At present, we are placing particular emphasis on transformative projects that are being evaluated by the government and are expected to be implemented in the near future," he noted.