Islamic bank gives over US$52.65m for Uzbek irrigation project

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Finance 30/12/2008 Islamic bank gives over US$52.65m for Uzbek irrigation project

IDB gives over US$52.65m for Uzbek irrigation project

Tashkent, Uzbekistan (UzDaily.com) -- The Islamic Development Bank (IDB) has approved the allocation of a loan worth US$52.65 million to Uzbekistan for restoring the irritation network and drainage system of Syrdaryo and Jizzakh regions.

The total sum of the project to restore the irrigation network and drainage system of the Syrdaryo and Jizzakh regions was US$79 million.

Besides the IDB, the Kuwait Fund For Arab Economic Development and the OPEC fund are also among potential investors and creditors.

The project is aimed at increasing the effectiveness of irrigated fields and production of agricultural products.

The feasibility study of the project has been carried out with a grant worth about US$1 million of the Kuwait Fund For Arab Economic Development.

This project is included in the combined list of promising investment proposals approved by the head of state, which should be elaborated in 2009.

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