WB to approve additional funding of third project in Azerbaijan soon

Photo: WB to approve additional funding of third project in Azerbaijan soon / Economy news

Baku, Azerbaijan, July 10
By Zulfiyya Gurbanova - Trend:

The World Bank will approve the allocation of additional funds for the implementation the "National water supply and sewerage services" project in Azerbaijan on July 15.

The additional funding will be approved in accordance with the schedule, and there is no problem in this process, the WB Baku office told Trend.

The WB is preparing to allocate an additional $150 million to the implementation of the "National water supply and sewerage services" project in Azerbaijan. The share of the Azerbaijani government will be $ 83 million in this project. The duration of the project will be extended until December 31, 2017 within additional funding.

On July 10, the WB Board of Directors approved a loan in the amount of $100 million and $ 50 million, which are allocated by the International Bank for Reconstruction and Development (IBRD), for the implementation of the Judicial Services and Smart Infrastructure Project (JSSIP), and "Azerbaijan Rural Investment" (AzRIP) projects, respectively.

The share of the Azerbaijani government in the JSSIP project will make up $100 million. The implementation of the project will be scheduled until December 31, 2018.

Azerbaijan has been a member of the World Bank since 1992. Total liabilities of the bank to the country have amounted to over $3 billion on 54 projects during this period.

Edited by CN

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