WB Approves Nearly Half a Billion оf Dollar for Three Projects in Azerbaijan

Azerbaijan, Baku, 29 March /corr. Trend I.Khalilova / The World Bank's Board of Executive Directors approved allocation of $476mln to finance three Azerbaijani projects - Azerbaijan- Rail Trade and Transport Facilitation Project, Corporate and Public Sector Accountability Project, Rural Investment Project.

The gross cost of the project totals $673.8mln, with $450mln allocated by the WB. The credit resources will be provided in line with the international Bank for Reconstruction and Development for a period of 17 years under four years of grace period and libor+0,05%. The objectives of the Rail Trade and Transport Facilitation Project are to improve railway services in Azerbaijan, as well as the competitiveness, financial sustainability, operating and cost efficiency, and capacity of Azerbaijan Railway (ADDY) in particular along the transport corridor toward Georgia.

There are four components to the project. The first component consists of the Rehabilitation of east - west main line component which includes track signaling and power supply rehabilitation along the east-west corridor. It will rehabilitate about 240 km of mainline track in poor condition. The investment will remove the most critical speed restrictions and allow ADDY to handle existing and potential traffic at up to 100 kph for passenger trains and 80 kph for freight trains without significant track delays on those 240 km. It will finance the conversion of the power supply on the east-west corridor to 25kV, including new power stations, catenary and the related upgrade in signaling equipment. The second component consists of the new mainline locomotives component which will finance about 50 new mainline electric locomotives to operate on the East-West corridor. The third component consists of the modernization component which will include support for the full implementation of International Financial Reporting Standards (IFRS) accounting provision of advisory services to ADDY to implement its modernization program and provision o f equipment to ADDY to improve its oil spill prevention and response capacity. Finally the fourth component consists of total cost without contingencies. The project implementation component will provide training and consultant services to the Project Implementation Unit (PIU) for procurement, financial management, financial audit, monitoring as well as equipment required for project implementation.

The second loan totaling $11mln will be provided on preferential terms for Corporate and Public Sector Accountability Project (CAPSAP) for a period of 35 years under ten years of grace period and libor+0,75%. The total cost of the project is $25mln. Other part of the project is envisaged to be financed at the expense of grants from Japanese fund of PHRD, SECO, European Union and Azerbaijan Government.

The objectives of the Corporate and Public Sector Accountability Project in Azerbaijan are to strengthen accountability and transparency in financial reporting for the public and corporate sectors in line with international best practices. There are four components to the project. The first component is the Corporate Sector Component. This component would support the corporate sector in implementing appropriate accounting standards; ensure the sustainability and transparency of these interventions through the establishment of appropriate legal and institutional frameworks; and strengthen the statutory audit function. The second component consists of Public Sector Accountability. This component aims to enhance public sector accountability through the implementation of the Government's public sector accounting reform strategy, being the strategy currently being drafted to implement that part of the 2004 accounting Law that requires budget organizations and off-budget state funds to prepare financial statements in accordance with National Accounting Standards for Budget Organizations (NASBOs) which in turn are based on International Public Sector Accounting Standards (IPSAS). The third component consists of strengthening accounting, auditing and financial management capacity. This component will build long-term capacity in accounting, auditing and financial management. It will include the creation of an Azerbaijan Center for Professional Accounting, Auditing Training Education and Research (ACPATER) which will be subordinate to the Ministry of Finance, and have broad responsibility for strengthening Azerbaijan accounting, auditing and financial management capacity, including the implementation of this component. Finally the fourth component consists of project management.

As additional financing for Rural Investment Project in Azerbaijan, the bank provided preferential credit totaling $15mln. Some $5mln will be allocated by the Government. Due to these funds, the coverage zone of the project will be increased by 21 more regions. The project already covered 21 regions.

The correspondent can be contacted at: [email protected]

Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Uzbekistan and France sign cooperation program
Uzbekistan and France sign cooperation program
UK PM Johnson to announce next phase of COVID lockdown easing
UK PM Johnson to announce next phase of COVID lockdown easing
Loading Bars
Over 1.6mln receive COVID-19 vaccine in Kazakhstan
Azerbaijan's import of cars from Turkey drops
Iran makes advanced industrial flame arrester
Putin says 21.5 mln Russians vaccinated against COVID-19
U.S. Treasury launches access to $350 billion in state/local COVID-19 aid
President Ilham Aliyev receives delegation led by Russian foreign minister (PHOTO)
Global COVID-19 cases, deaths reach plateau - WHO
Electric, hybrid car sales in Turkey surge over 200% in 4 months
Georgian, North Macedonian Presidents sign visa-free agreement
Second component of Sputnik V vaccine delivered to Kyrgyzstan
Iran produces oil-based ozone generator
India COVID cases hold close to record highs as calls widen for national lockdown
USAID’s focus to remain on modernization of energy sector in Kazakhstan
China-made meteorological satellite for dawn-dusk orbit passes review
Saudi Arabia's GDP contracts 3.3% in Q1 on oil output, non-oil economy recovers
Azerbaijan purchasing new equipment to speed up mine clearance on liberated lands (VIDEO)
Iran's Energy Exchange announces products to be on sale on May 11
Weekly review of Azerbaijani precious metals market
Activities in Iran’s Khorramshahr port climb
Iran’s Bahar Azadi gold coin price continues to increase
New facility to be put into operation in Iran’s electricity sector
Iran boosts production, export of greens and vegetables
Azerbaijan shares data on number of vaccinated citizens for May 10
Iran's ICOFC to develop two gas fields
National leader Heydar Aliyev`s 98th anniversary marked at parliament (PHOTO)
Program of Russian FM's visit to Azerbaijan unveiled
Azerbaijan confirms 371 more COVID-19 cases, 892 recoveries
Public reps of Azerbaijan paying tribute to late National Leader Heydar Aliyev (PHOTO)
Mine-clearing operations begin in Azerbaijan's liberated villages
Iran talks IAEA monitoring cameras at nuclear sites
Presidents of Russia, Azerbaijan hold phone conversation
Int'l organizations notified about Armenia's crimes against Azerbaijani civilians - Azerbaijan's prosecutor general
Criminal cases against Armenian terrorists who fought in Karabakh nearing completion - Prosecutor General of Azerbaijan
Uzbekistan eyes ratifying two more conventions of International Labor Organization
Uzbek mining and metallurgical complex exceeds export plan by half
Cargo movements in Iran’s Imam Khomeini port up
Iran reveals details of saffron exports
Various results achieved in Vienna every day – Iran’s MFA
Oil gains after cyberattack forces shutdown of U.S. fuel pipelines
Heydar Aliyev saved independent Azerbaijan from disappearing from political map - Russian expert
Iran, Saudi Arabia conduct both bilateral, regional talks – Iran's MFA
Registration of presidential candidates starts in Iran
Volume of loaded, unloaded cargo in Iranian ports grows
President Ilham Aliyev ends visit to Nakhchivan Autonomous Republic (PHOTO)
Uzbekistan notes significant increase in bank cash turnover in 4M2021
Uzbekneftegaz reveals indicators of oil and gas production and processing in 4M2021
Uzbekistan and France sign cooperation program
Uzbekistan Helicopters LLC opens tender for refueling vehicle
Political will of Heydar Aliyev bearing fruit - colonel general
Carbon price to rise, as governments pursue deeper decarbonisation strategies
Iran expects to increase vaccination
President Ilham Aliyev interviewed by Azerbaijan Television (PHOTO)
Death toll from COVID-19 exceeds 75,000 people
Number of confirmed coronavirus cases in Russia rises by 8,465 per day
President Ilham Aliyev views Ordubad railway station (PHOTO)
President Aliyev attends launch of project for reconstruction of drinking water supply, sewerage systems in Ordubad (PHOTO)
President Ilham Aliyev views construction of Ordubad Hydroelectric Power Plant (PHOTO)
ERIELL to work on wells at field in Uzbekistan’s Karakalpakstan
First Vice President of Azerbaijan shares publication on occasion of 98th anniversary of birth of National Leader Heydar Aliyev
President Ilham Aliyev attends inauguration of Julfa-Ordubad highway (PHOTO)
Uzbekistan’s 1Q2021 tomatoes export revealed
Turkey sees increase in cement exports to Azerbaijan
Kazakhstan-Israel trade plummets y-o-y
Uzbekistan to connect number of small industrial zones to utility networks
Weekly review of Azerbaijani currency market
ACG oil transshipment from Ceyhan terminal exceeds 70 mb YTD
EBRD, EIB, Proparco to fund construction of solar power plant in Uzbekistan’s Samarkand
President Ilham Aliyev attends opening of Artificial Insemination Center in Nakhchivan (PHOTO)
Azerbaijan creating 'green' energy zone in liberated Karabakh
President Ilham Aliyev attends opening of Nakhchivan Garrison Central Hospital (PHOTO)
President Ilham Aliyev attended inauguration of Nakhchivan branch of “Azerkhalcha” OJSC (PHOTO)
Weekly review of Azerbaijani oil market
Bank of Israel cuts government bond purchases
President Ilham Aliyev viewed construction of “ASAN xidmət” Center in Nakhchivan (PHOTO)
Turkey's 4M2021 steel exports to Turkmenistan shrink
Armenian Parliament to reconsider issue of electing new prime minister
Iran increases sturgeon farming
World's largest cargo plane with UK Covid aid takes off for India
President Ilham Aliyev visits statue of national leader Heydar Aliyev in Nakhchivan (PHOTO)
India to recruit 400 retired medical officers of AMC, SSC; Defence Ministry issues orders
Iran eyes to expand ties Turkmenistan
Azerbaijani president visits graves of martyrs of Patriotic War at Nakhchivan city cemetery (PHOTO)
Indian-Led Ground-Breaking Cancer Test Hopes To Launch This Year
President Aliyev attends opening of military aerodrome of Special Combined Arms Army (PHOTO)
Iran to renovate public transport fleet
Iranian water and electricity companies to enter EAEU market
Artists of Int'l Arts Festival create 'Kharybulbul' model in Azerbaijan's liberated lands (PHOTO)
Indian and Indonesian navies carry out military drill in southern Arabian Sea
President Aliyev attends presentation of new runway at Nakhchivan International Airport (PHOTO)
Iran continues investments for dev't of postal network
Iran, Serbia to expand ties by preferential trade agreement
Iran to inaugurate new national housing units
Iran's NIGTC announces tender for intelligent pipes
Iran to return to its full oil production capacity by early 2023, says JP Morgan
India, EU hold virtual summit to boost overall ties
Stand Firmly With India In This Challenging Time: European Commission Chief
JP Morgan expects global oil demand to surge over summer
President Ilham Aliyev arrives in Nakhchivan Autonomous Republic for visit (PHOTO)
UK PM Johnson to announce next phase of COVID lockdown easing
Over 170 million Covid-19 vaccine doses administered so far, says Indian government
All news