WB likely to continue privileged financing of Azerbaijani projects in 2010
Azerbaijan, Baku, July 22 / corr Trend N.Ismayilova /
The World Bank (WB) can continue privileged financing of Azerbaijani projects in FY 2010, WB Baku office head Gregory Jedrzejczak said.
Earlier, WB was said to cease privileged financing to Azerbaijan through the International Association for Development (IAD, a member of WB group) and the bank intends to direct it to poorer countries, particularly, African nations.
"Azerbaijan has better chances to receive additional funds through the IAD," Jedrzejczak said.
Currently talks are underway to allocate $70 million. In FY 2009 financing Azerbaijan on privileged terms through the IAD made up 70 million manat, Jedrzejczak added.
In 2008 fiscal year, the government managed to obtain from the World Bank six preferential loans for Corporate and Public Sector Accountability Project (CAPSAP), the third phase of reforms in the education system, development of water supply and sanitation, assistance to social security, social development, internally displaced persons in Azerbaijan and rural investment. $121 million was provided for their implementation.
Azerbaijan has overdrawn GDP as per capita in the sum of $1,280, which was determined by WB as main criteria while receiving privileged loans via IDA. Therefore, Azerbaijan expected to receive finance only on commercial terms.
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