WD to review project portfolio on Azerbaijan
Azerbaijan, Baku, Sept. 23 / Trend , N.Ismayilova/
The World Bank (WB) mission jointly with the Azerbaijani government on Sept. 27-Oct. 3 will review the project portfolio in the country, the W Baku office said on Sept. 23.
"As a large part of the bank's portfolio in the country consists of infrastructure projects, the mission will include a director of the bank's sustainable development department, Peter Thomson," said the office.
The main purpose of reviewing the bank's portfolio in the country will be the opportunity to improve the effectiveness of implementation of ongoing projects.
"The review will reveal how effectively the bank's money has been spent, and what measures should be taken to increase the effectiveness of their spending," said the office.
In addition, the office said it is now considering an opportunity to participate in the mission of the bank's Regional Director for the South Caucasus Assad Alema.
Azerbaijan is a member of the World Bank since 1992. During the period of cooperation, the bank has approved loans for the country in the amount of $2.5 billion.
In 2010 fiscal year of the WB, which begins in July 2009, it is expected to approve projects in road construction (road Baku-Shamakhi), ecology (construction of a deep sewer from the Hovsan aeration station to the Caspian Sea), education (reform of higher education) may extend the project to improve water and sanitation systems by extending the list of small towns.
As for now, WB has financed 45 projects with a total cost of $2.5 billion in Azerbaijan. In 2008, bank financed 13 projects $1.251 billion. The WB 2009-2010 strategy is over than $1 billion on commercial terms via the line of the International Bank for Reconstruction and Development. In 2009, the IDA provided $70 million for Azerbaijan, which was distributed for two projects. Most ($62 million) of these funds were allocated for the project of construction and reconstruction of Hajigabul-Bahramtepe highway.