DUSHANBE, May 23, 2013, Asia-Plus -- The Islamic Development Bank will provide a loan to Tajikistan for financing the Dangara Valley Irrigation Project (Phase III).

A loan agreement was signed yesterday in Dushanbe between the Republic of Tajikistan and the Islamic Development Bank (IsDB) whereby the Bank will provide a loan to Tajikistan in the amount of 6.6 million Islamic Dinars (equivalent to some 10.1 million USD) for financing the Dangara Irrigation Project – Phase III.

The loan agreement was inked by Davlatali Saidov, Chairman of the State Committee on Investments and State-owned Property Management (GosKomInvest) on behalf of Tajikistan, whereas, Dr. Ahmad Mohamed Ali, President of IsDB signed the loan agreement on behalf of the Bank.

The Project aims at increasing the agricultural production, provide employment opportunities in the Project area, and enhance the economy of Tajikistan, through implementing Phase III of the Dangara Valley Irrigation Project, covering more than 1,700 hectares, located in the southern part of the country.