Baku, Azerbaijan, Oct. 11
By Anvar Mammadov – Trend:
The Capital Markets Modernization Project, implemented by the World Bank in Azerbaijan, will be officially completed in November, the WB Baku office told Trend Oct. 11.
Despite that the project’s implementation ended on July 1, the remaining funds from the loan were allocated during the subsequent several months.
Azerbaijan spent 98 percent of the WB loan in the first half of 2016.
The WB Baku office said a mission headed by Angela Prigozhina, the WB private and financial development sector leader, is in Baku to monitor the spending of the remainder of the loan.
The WB allocated a loan of $12 million to Azerbaijan, while the total project cost is $15.8 million. The project is financed with loans of the International Bank for Reconstruction and Development (IBRD), a part of the WB Group.
The Swiss State Secretariat for Economic Affairs (SECO) approved the allocation of a technical assistance worth $1.6 million for two components of the Capital Markets Modernization Project.
Also, 2.2 million manats were allocated by the Azerbaijani government.
Azerbaijan joined the WB in 1992.