Date of Approval of Last Soft Credit for Azerbaijani Agriculture Determined
Azerbaijan, Baku, 24 March / corr. Trend I. Khalilova/ The Board of Directors of the World Bank (WB) is expected to approve of the additional financing for the expansion of project of Azerbaijani Agricultural Investments (AzRIP) which has already been carried out in Azerbaijan, the Baku office of the Bank said.
The negotiations on the project were held in Baku on 13 February. The volume of the credit was determined at $15mln with a government share of $5mln.
The coverage zone of the project is expected to be extended by 21 regions more due to the additional financing. AzRIP covers 21 regions from Nakhchivan Autonomous Republic of Azerbaijan, Shirvan, Mugan and Salyan regions of the country.
It will be the last soft credit of the World Bank for the development of agriculture in Azerbaijan. The credit agreement on the implementation of AzRIP was signed on 23 September 2004 and took effect on 29 December 2004. The total cost of the project is $21.1mln, $15mln of which accounts for the credit of the International Development Association, and $3.3mln for the grant of the Japanese government. The project is expected to end until May 2009.
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