WB Set Date to Approve Additional Financing for Azerbaijan for 2009 and 2010

Business Materials 4 April 2008 15:40 (UTC +04:00)

Azerbaijan, Baku, 4 April / Trend corr. I.Khalilova / World Bank (WB) is to approve the allocation of additional financing in the amount of $1.2bln to Azerbaijan within the framework of the current strategy of assistance during the meeting of Council of Directors on 27 May. Azerbaijan will have access to the funds in 2009 and 2010 fiscal years.

The total volume of additional financing for Azerbaijan has not been agreed with the government so far. The bank submitted its proposals recently. As a result the total volume of financing within the framework of the strategy will double and comprise $2.5bln.

WB allocated nearly $1.26bln to finance 14 projects for a four-year term.

The new table of projects for next two years will be developed. WB credit resources will be attracted to finance transport, restore water and sewerage systems, the second phase of ecological program, education upgrade and state management.

Within the framework of additional financing program the country will receive an access to credit resources of the International Bank for Reconstruction and Development, as the latest quota on privilege financing in amount of $131mln Azerbaijan will use in 2008 fiscal year.

The privilege financing covers projects to improve social conditions of internally displaced persons, agricultural investments, modernization of financial sector, reform educational system and aid to social security.

The remaining six projects would be financed through International Bank for Reconstruction and Development line.

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