IDB to issue over $ 224 mln for new road project in Azerbaijan
By Gulgiz Dadashova
The Islamic Development Bank (IDB) has approved $ 224.4 million for the project for upgrading and reconstruction of Ujar-Zardab-Agjabadi Road in Azerbaijan.
The decision was announced at the 295th meeting of the IDB Board, chaired by IDB Group Chairman, Dr. Ahmad Mohamed Ali, in Jeddah on February 4.
The first IDB mission on the project visited Baku last August. The subject of its work is development of the project of Ujar-Zardab-Agjabadi road reconstruction on the basis of feasibility studies performed by the bank's order.
Earlier in 2011, IDB rendered Azerbaijan $294,000 technical assistance for feasibility studies on upgrading and reconstruction of this road
The IDB Board in total approved 705.18 million of new financing focusing on infrastructure, and human development in member countries and education sector in Muslim communities in non-member countries.
Amongst several reports reviewed by the Board Members were: a detailed report on the course of partnership strategy of the Bank with member countries, a report on the subscription to the capital of the Bank as per the Bank's fifth general capital increase as well as two progress reports on two emergency assistance financing approved in the previous meeting namely an additional $ 2 million for Syrian war-affected refugees and internally-displaced persons and a $ 2 million aid for assisting Palestinian farmers who suffered damage to their crops as a result of unexpected winter storm.