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Azerbaijan spends almost 60% of its WB loans

Business Materials 29 August 2014 19:15 (UTC +04:00)

Baku, Azerbaijan, Aug.29

By Zulfiyya Kurbanova - Trend:

Loan agreements in a total amount of $3.786 billion have been signed since the beginning of cooperation between Azerbaijan and the World Bank (WB), states the report for the first half of 2014, posted on the website of WB.

Some 70 percent ($2.658 billion) accounts for the credits allocated by the International Bank for Reconstruction and Development (IBRD part of the WB), and 29.8 percent ($1.128 billion) accounts for the International Development Association (IDA), the report says.

The total amount of the canceled funds was $199.08 million, which makes 5.3 percent of the total portfolio in the country.

Currently, the amount of disbursements from the WB is $2.232 billion, of which $1.254 billion (56.2 percent) fall on the World Bank, $978.28 million (43.8 percent) on the IDA. Undeveloped assets equal the sum of $1.371 billion.

Preparatory work is still ongoing for the extraction of $1.8 billion of funds.

Currently there are 28 active projects funded by the World Bank in Azerbaijan, 39 closed ones, six canceled ones and two under development.

Azerbaijan has been a member of the World Bank since 1992.

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