Azerbaijan and World Bank to Sign Credit Agreement on Additional Financing of IDP EDSP Project
Azerbaijan, Baku, 15 May / corr. Trend I. Khalilova/ The Azerbaijani government and World Bank (WB) will sign an agreement to grant $15mln for the expansion of the project to improve social conditions of the internally displaced people (IDP EDSP) on 15 May, Baku Office of WB reported. WB approved this loan in March 2008.Government's share in the project amounts to $5mln.
The document will be signed by Ali Hasanov, vice-premier and head of State Committee for Work with Refugees and IDPs from Azerbaijan, and Georgi Ejeychak, the representative of the Bank in Azerbaijan.
The additional loans aim at financing micro projects regarding IDPs, which are implemented by the Social Development Fund of Refugees and IDPs of Republic of Azerbaijan. The project will cover 150,000 more IDPs in various regions. The operational expenditures of the Fund will be paid with these funds.
Micro-projects will be carried out in infrastructure and service sphere including reconstruction of roads, energy supply, water supply, and construction of artesian wells.
More than 150 projects were financed within this financing aiming at construction, restoration and repair of schools, community centers, energy supply system, roads and drainage system.
All these measures were carried out with the funds worth $11.5mln, which were approved in the Board of Directors of the Bank on 15 February 2005. The funds for this project have been granted for 35 year period, with a grace period of 10 years with 0.75% interest rate.
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