WB and Azerbaijani central bank discuss prospects of cooperation

Azerbaijan, Baku, October 2 / Trend , I.Khalilova /

Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov met with World Bank Regional Director for South Caucasus Asad Alam to discuss the prospects of future cooperation on programs, which in the near future the Bank plans to implement in the country.

The meeting also covered the results of a joint review to assess the effectiveness of the bank's portfolio in Azerbaijan, projects and programs implemented by the WB in the country, CBA said.

"Today a sufficiently large number of projects has been approved, but the level of their implementation is very low," said recently the head of the Baku representative offices Greorgy Yadzeychak.

Despite that Azerbaijan has already exceeded the limit of per capita GDP for the countries receiving funding from the International Development Association, but it is possible that next fiscal year, the WB will continue providing preferential loans.

"It's too early to say, but in Azerbaijan there are sectors of the economy, for the development of which the country can get preferential investment from the World Bank," said Yadzeychak.

Although, earlier it was stated that from 2009 the World Bank would suspend preferential funding for Azerbaijan in order to direct funds to the poorest countries, particularly Africa, in 2009, the IDA provided $70 million for Azerbaijan. In future, the bank stands ready to provide preferential financing for Azerbaijan.  

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.

In 2009 fiscal year the Bank approved two loans for Azerbaijan totaling $183 million (including $62 million on preferential terms) for the construction and reconstruction of Hajigabul-Bahramtepe highway, as well as a project to strengthen the capacity of staff of state institutions and state enterprises, implementing large-scale infrastructure projects.

Azerbaijan joined the World Bank in 1992. During the period of cooperation the Bank approved $2.5 billion loans for the Republic.

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