Azerbaijan masters about 47 percent of WB loan for reforms in education system

Azerbaijan masters about 47 percent of WB loan for reforms in education system

Azerbaijan, Baku, Oct 24 /Trend J.Nasibova/

Mission led by head of the project team of the World Bank (WB) Meskerem Mulatu will visit Baku to review the second project on the development of education in Azerbaijan, WB Baku office told trend on Wednesday.

The mission of the bank will be in the country from October 27 to November 3 this year to monitor the project. It is also planned to hold meetings in various departments in the frame of the visit.

The cost of the project, approved in April 2008, is $45.4 million, of which the share of the WB loan accounts for $25 million.

Some $11.7 million out of funds provided by the World Bank were mastered as of Oct 2012. Project completion is scheduled for March 31, 2014.

This project is financed by the bank on favorable terms from the International Development Association (IDA). Further funding of education will be carried out by the International Bank for Reconstruction and Development (IBRD), as Azerbaijan does not have access to the IDA.

The strategy of reforming the education system of Azerbaijan is estimated at $ 250 million.

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