Azerbaijan, Baku, 11 March / Trend corr I. Khalilova/ As a result of negotiations between the World Bank (WB) and Azerbaijan's Government which have been held in Baku since 3 March, the cost of the third project on reforming the educational system of Azerbaijan was agreed upon at $49mln, the WB Baku Office reported on 11 March.
The amount of the loan remained unchanged - $25mln, which will be allotted through the International Development Association [over 35 years with a grace period of ten years at a 0.75% interest rate]. The remaining sum will be paid by the Azerbaijani Government and a UNICEF grant.
The WB mission headed by the Senior Education Specialist Juan Manuel Moreno visited Baku for negotiations.
The project envisages reforms in secondary education, pre-school education and vocational education.
According to the WB Baku Office, this will be WB's last soft credit intended for reforming the educational system in Azerbaijan. As in the 2008 fiscal year the quota for soft financing in the educational field will expire, the credit for improvement of reforms in higher education may be allocated only through the International Bank for Reconstruction and Development. A special project is being developed connection to this.
The educational project currently being developed is intended for sector reforms based on the educational reforming program which was launched in 1999. The purpose of the program is to improve education and make fundamental changes in the field. The total cost of the project is $20.99mln, with $18mln allocated by the WB. The project is planned to be closed by 31 March 2008.
WB's first loan in the sum of $5mln was allotted to Azerbaijan in 1999.
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