The Azerbaijani government and the World Bank stated their readiness to prolong the term of the adapted crediting program (ACP 1) on Agriculture Crediting and Development. The Baku office of the WB told Trend the term of ACP-1 was prolonged for the second time and the deadline is 30 June 2006.
"The prolongation of the program is linked with the will of avoiding a break between
the first and second phases of ACP1, test the offered directions and components of the second phase, and use the funds accumulated under the project. The development of the second phase of ACP has been set up. The major directions of the second phase stipulate the expansion of network of credit unions and strengthening of the potential of credit unions in Azerbaijan," the representative office said.
ACP 1 was confirmed by the WB Board of Executive Directors on 8 June 1999 in the amount of $33.65m for 4 years with possible increase of the financing by the bank from $30m to $100m within 10 years. A credit agreement on ACP 1 was signed on 4 October, while the project was set up on 21 December 1999. Earlier ACP 1 was prolonged by 30 September 2005.