Prospects of Further Financing Azerbaijan at Privileged Terms to be Considered in Washington

Business Materials 8 October 2007 15:00

Azerbaijan, Baku /corr. Trend I.Khalilova / The World Bank's Manager in Azerbaijan, Gregory T. Jedrzejczak, said on 8 October that the WB Council of Managers and International Monetary Fund (IMF) annual meeting will take place on 20-22 October in Washington, where Azerbaijan will be represented by the Minister of Finance, Samir Sharifov.

Jedrzejczak said that during his visit, the Minister will hold talks with WB representatives regarding the future cooperation of privileged financing for the projects. The WB has presented a list of social and banking projects and the Government will form its portfolio of projects that may be financed in the coming years by privileged credits in line with the International Development Association (IDA).

According to the WB representative, the meeting will cement the projects from this list. The list includes projects on modernization of Azerbaijan's financial sector, reforms in the education sector and the development of the non state pension system.

Within its Strategy of Partnership with the Government of Azerbaijan (2007-2010), the WB is going to cease privileged financing for Azerbaijan in line with the IDA and direct the finances towards poorer countries, particularly African countries.

Countries where the amount of GDP per capita does not exceed $1280 are referred to as this criterion. Azerbaijan has already exceeded the level of profits determined by the WB as key criteria for receiving IDA credits.

According to Jedrzejczak, additional financing is not intended for Azerbaijan.