Baku, Azerbaijan, 14 November 2024—The Republic of Azerbaijan President, H.E. Mr. Ilham Aliyev, and the Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, met on Thursday, 14th November 2024, on the margins of COP29 in Baku and discussed how the IsDB can support the country’s economic development and solidify the long-standing relations between Azerbaijan and the IsDB Group. 

During the meeting, President Al Jasser praised President Aliyev's exemplary leadership in hosting the 29th session of the UN Climate Conference. He said the Bank was proud to collaborate closely with Azerbaijan authorities to successfully host the conference, during which the IsDB Group showcased its extensive climate initiatives, strategic plans, and projects.

In a significant milestone to enhance the country’s agricultural productivity, food and water security, and economic development, the two leaders witnessed the signing of the project agreements of Maiden Tower Climate Resilient Water Project in the Karabakh region. The agreements were signed by H.E. Mikayil Jabbarov, Minister of Economy, (IsDB Governor), H.E. Samir Sharifov, Minister of Finance, (IsDB Alternate Governor), and H.E. Zaur Mikayilov, Chairman of Azerbaijan State Water Resources Agency from the Government side, and by Dr. Zamir Iqbal, IsDB Vice President Finance, and Dr. Walid Abdelwahab, IsDB Group Regional Hub Turkiye Director from the IsDB side. The IsDB is contributing USD 96.73 million in the project.

President Dr. Al Jasser emphasized that the project will significantly improve agricultural productivity, enhance food and water security, and foster socioeconomic development and livelihoods of communities, as its impacts are expected to reach 1.6 million people benefitting from climate-smart agriculture services, and also increase agricultural production water use efficiency.

The project aims to construct an irrigation scheme for 8,400 hectares of developed land in the Jabrayil and Fuzuli districts and enhance the water supply conditions for 252,000 hectares of agricultural land in the Mil-Mugan Economic Region. The Azerbaijan State Water Reserves Agency (ASWRA), the newly formed and consolidated Agency in the water sector, will be the project's executing agency.