WB Fixes Date of Talks on Social Project in Azerbaijan

Business Materials 21 February 2008 17:29 (UTC +04:00)

Azerbaijan, Baku, 21 February / corr. TrenCapital I. Khalilova/ The official date for talks between the World Bank (WB) and Azerbaijani government on the project of development of Social Protection worth $40mln, was fixed for 17-18 March, the Baku office of World Bank said. The Bank is prepared to allocate $25mln, on the terms of International Development Association for the implementation of the project (for 35 years with grace period of 10 years on 0.75% interest rate).

The project envisages the full modernization of labour market system, improvement of labour legislation, system for the protection of labour and social security policy formation, modernization of pension system and management of the project.

The project also includes the full development of occupational training, also the development of occupational classifiers on the basis of the European experience.

The project covers five years.

WB has already financed a project in the social sector.

The correspondent can be contacted at: [email protected]