WB's new regional director to South Caucasus

Business Materials 9 January 2009 17:03 (UTC +04:00)

Azerbaijan, Baku, Jan. 9 / Trend , I.Khalilova/

The World Bank (WB) appointed Asad Alam as the new regional director in the South Caucasus, the WB's Baku Office told Trend on Jan. 9. Alam replaced Donna Douset Koyrolo. He was previously a sector manager at the WB.

Alam will be introduced to the Azerbaijani government in late January during a visit of new and former directors to Baku. Alam's appointment is connected with Douset-Koyrolo's retirement, the office said.

The visit will focus on WB-government cooperation. Programs under development until 2010 will also be reviewed, as well as the WB's future plans in Azerbaijan.

The WB stopped financing Azerbaijan through the International Development Association in 2008 on the backdrop of the country's economic boom. The bank aids only the world's poorest nations, particularly African countries, where the GDP per capita is under $1,280. Azerbaijan has already topped this income level.

The government received 6 WB loans for projects in the corporate and state sectors in 2008. These projects included the third phase of reforming the educational system, developing a water supply and sewage system, aiding IDPs and advancing the agricultural sector. Some $121 million was allocated for these programs.

The WB has financed 42 projects worth $2 billion in Azerbaijan. The bank issued $1.251 billion to finance 13 projects in 2008 by implementing a four-year budget strategy in two years.

During 2009-2010, the next two years of the WB's strategy, the WB is prepared to allocate over $1 billion to Azerbaijan. The finances will be issued under commercial conditions via the International Bank for Reconstruction and Development.

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