Board of Directors of the World Bank approved on July 5, the decision to allocate $ 30 million loan required to finance the second project of rural investments. According to the bank, as a result of 1.5 million members of rural communities will be improved access to infrastructure and social services.
In WB Baku office they told Turan the total project cost is estimated at $ 53.6 million, of which $ 23.6 million is to be funded by the Government of Azerbaijan.
The new project is based on the achievements of the previous project for seven years that increased income of 600 thousand people, improved irrigation potential for 700,000 land users and provided 150,000 people with access to good quality fresh water. - 08D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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