BAKU: The Islamic Development Bank (IsDB) has sanctioned a substantial $96.73 million financing package aimed at bolstering water resources management in Azerbaijan, an initiative set to amplify agricultural productivity and fortify food security.

According to Trend News Agency, the allocation was confirmed during the 357th meeting of the IsDB Board of Executive Directors, which was presided over by IsDB President Muhammad Al Jasser on October 14, 2024. This financing is part of a broader approval by the Bank, which saw more than $3 billion dedicated to 20 socio-economic development projects across 17 member countries.

The IsDB’s commitment extends beyond Azerbaijan. Kazakhstan received the largest portion with $1,153.5 million designated for a climate resilient water resources development project. Kyrgyzstan was allocated $45.11 million to enhance the livelihoods of smallholder farmers through agriculture mechanization, along with an additional $58.25 million to foster socio-economic development in the Iss
yk-Kul region with a focus on reliable and efficient energy supply.

Uzbekistan’s funding of $138.80 million will be used to upgrade an existing road to better serve the rising traffic demands and improve connectivity and road safety. Meanwhile, Trkiye has been granted 246.40 million euros for the Eastern Trkiye Middle Corridor Railway Development Project and an additional $100 million for economic recovery in earthquake-affected areas to boost productivity and competitiveness.

Additionally, the IsDB Board approved a $10 million grant to support the Health Impact Platform, a collaborative initiative with the World Health Organization aimed at enhancing global health outcomes.