Azerbaijan, Baku, 18 April / corr. Trend I. Khalilova/ Azerbaijani government gave a go-ahead for additional financing from World Bank worth $1.2bln within the cooperation strategy, the Baku Office of WB reported. The Board of Directors of the Bank is going to approve a renewed strategy on 27 May. The country will have an access to these funds during 2009 and 2010 fiscal years.
As a result of these funds, the total volume of financing will double to $2.5bln within the strategy.
The necessity of allocating additional funds appeared due to premature use of these funds in the past two years of realization of this strategy. The WB has allocated over $1.26bln to finance 14 projects for a period of four years.
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 up-gradation 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 totaled $131mln that 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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