WB Plans to Allocate Nearly $1bln for Azerbaijan for Next Two Years
Azerbaijan, Baku, 16 May /corr. Trend I.Khalilova / The World Bank plans to allocate annually $500mln for Azerbaijan over the next two years, said the Head of World Bank's Baku Office, Gregory Jedrzejczak, said in meeting of the Caspian Integration Business Club (CIBC) on 16 May.
These funds will be provided on condition of the International Bank for Reconstruction and Development because Azerbaijan is already deprived of the right to receive the privilege credits.
The WB resources for the next two years (2009-2010) will be provided to finance mainly the infrastructure projects. In addition, the WB representative said that the bank intends to begin financing large-scale projects.
Over the past two years, the WB has provided nearly $1.2bln to Azerbaijan to finance its 12 different projects. Only $130mln was allocated on preferential conditions (for a period of 35 years with 10 years of grace period and 0.75% per annum).
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