WB expects to approve new strategy for Azerbaijan in September

Business Materials 13 March 2010 13:44 (UTC +04:00)

Azerbaijan, Baku, March 13 / Trend N. Ismayilova /

In September the World Bank (WB) is expected to approve a new strategy of cooperation with Azerbaijan (Country Partnership Strategy) covering four years, WB Baku Office said.

"Currently, there is an active discussion of the main contours of this strategy. It is expected to be agreed with the government in late March. The strategy will be approved in September 2010," - the office said.

Head of the WB Baku representation Gregory Yedzheychak said that the preliminary total program cost is $1 billion. The main idea of the bank is to continue the successful projects in the field of road construction and agricultural development.

The Bank is preparing to approve about five new projects in road construction (road Baku-Shamakhi), ecology, education (reform of higher education system).

In 2009 the Bank approved funding for two projects to improve roads Hajigabul-Bagramtepe and the quality to implement investment projects in key sectors, especially in infrastructure development, totaling $183 million. In 2008 funding of 13 projects worth $1,251 billion was approved. The budget strategy was distributed for four years during two years. The World Bank expressed its readiness to allocate Azerbaijan more than $1 billion more for the next two-year strategy (2009-2010).

The World Bank has been cooperating with the Azerbaijani government since 1992, when Azerbaijan joined the World Bank. The Bank has financed 52 projects worth $2.7 billion.