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WB, Azerbaijan to talk over agricultural investment project

Business Materials 4 October 2016 17:39 (UTC +04:00)

Baku, Azerbaijan, Oct. 4

By Anvar Mammadov – Trend:

The World Bank’s review mission on the second Rural Investment Project for Azerbaijan (AZRIP-2) will visit the country in late October, the WB Baku office told Trend Oct. 4.

The WB Baku office said that the review mission led by Daniel Owen, the bank’s leading expert on social development, will be in Azerbaijan from Oct. 25 to Nov. 1.

It is planned to implement 1,270 micro-projects as part of the AZRIP-2 project. As a result of it, 3.5 million people will benefit from the investment project until the fall of 2018, according to the bank’s experts.

In July 2012, a loan agreement on the AZRIP-2 project was signed between Azerbaijani government and the International Bank for Reconstruction and Development (IBRD, a member of the WB Group). The project is planned to be completed on Sept. 30, 2018.

The project’s cost is $53.6 million, $30 million of which will be allocated through the IBRD, $23.6 million – by the Azerbaijani government. Moreover, $50 million were allocated within the additional financing.

AZRIP-2 was created on the basis of the results of the first project, which helped to increase income of 600,000 farmers, to improve irrigation services for 700,000 people and provide safe drinking water for 150 villagers. The project covers five main zones – Shirvan Plain, Mugan-Salyan, Nakhchivan, the northern and north-western areas.

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