Baker Tilly Azerbaijan audits second WB project

Business Materials 3 December 2009 11:44 (UTC +04:00)

Azerbaijan, Baku, Dec.03 / Trend , N.Ismayilova /

Baker Tilly Azerbaijan completed an audit of the Education Sector Development Project realized on the basis of a credit agreement signed Sept. 19, 2003 between Azerbaijan and the WB group member International Development Association and the Education Ministry.

The audit covered the project period which ran until Oct. 15, 2009. The agreement between the ministry and Baker Tilly Azerbaijan was signed on the basis of WB technical requirements. The auditors checked the project's financial indicators, fund movement in the special foreign currency account in International Bank of Azerbaijan and procurement procedures for contracts signed within the project.

The audit said the "financial reports of the project, the sources and expenses of funds, meet the financial situation on Oct.15 this year, and correctly reflect the WB procedure."

This was the second WB project to develop the educational system in Azerbaijan, and aimed to push sector reforms which began in 1999. The total cost of the project is $20.99 million; $18 million is a WB loan. The project was approved by the WB Board of Directors May 27, 2003.

The educational reforms strategy in Azerbaijan is estimated at $250 million.

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