WB Postpones Consideration of Doubling Strategy Budget for Azerbaijan
Azerbaijan, Baku. 17 June / corr. Trend I. Khalilova/ The World Bank has postponed the consideration to double the budget of current assistance strategy to Azerbaijan (it covers 2007-10), which was to be considered by the Board of Directors on 17 June, the Baku Office of WB said. The Bank is ready to grant $1.2bln as an additional financing to realize the strategy in 2009 and 2010.
Earlier, the Board of Directors of the Bank have planned to consider this issue on 27 May, but it will be considered by the end of 2008 fiscal year which will end in late June, a source in the Office said.
The necessity to allocate additional funds appeared due to premature use of these funds in the past two years of strategy realizing. The WB has allocated over $1.25bln to finance 14 projects for a period of four years.
At present, 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 administration.
Azerbaijan benefited from the last quota from the privileged financing worth $121mln in 2008, though Bank was ready to allot $10mln more to improve social conditions of internally displaced persons, agricultural investments, book-keeping in the cooperative and state sector (CAPSAP), modernization of financial sector, reform educational system and aid to social security.
The remaining six projects (development of transport and trade via railway, reconstruction of highways and circular road, improvement of water supply system and cleaning environment) would be financed through the International Bank for Reconstruction and Development line.
The exchange rate for 17 June is 0,8176 AZN/USD.
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