About 170 micro projects implemented in Azerbaijan within second phase of WB agricultural project
Azerbaijan, Baku, Sept.14 / Trend, N.Ismayilova /
So far, about 170 micro-projects have been implemented within the second phase of the "Azerbaijan Rural Investment" (AzRIP) project, implemented by the Azerbaijani Government and the World Bank (WB), the project director Subhan Asgerov said today.
"So far, about 170 micro projects worth $6 million in total have been implemented in Azerbaijan within the second phase of the WB agricultural project," Asgerov said.
A total of 340 projects worth $21.1 million were realized under the first phase. The projects whose cost hits $50,000-60,000 will be realized after receiving agreement of the WB for financing. Moreover, the projects which cost less than $50,000-60,000 will be financed directly
The Azerbaijani government and World Bank signed a loan agreement worth $21.5 million on extra financing the AzRIP in April.
Extra financing was presented due to expansion of the project's territorial coverage and respectively, a term of its realization was prolonged to three years. The project will finish by March 2012.
To expand the project realized since 2005, the WB allocated extra funds worth $15 million and the Azerbaijani government's shares made up $9 million. The loan agreement was signed in 2009.
A loan agreement on the AzRIP project was signed on Sept. 23 in 2004 and took effect on Dec. 29 in the same year. The project costs $21.1 million. A total of $15 million falls to loan of the International Development Association, $3.3 million - grant of the Japan government and the remained part - $1.250 million to the Azerbaijani government and beneficiaries (communities).
The project which should cover 300-400 projects of communities would finish by March 2009. Earlier, the AzRIP project covered 21 regions from Nakhchivan Autonomous Republic, Shirvan and Mugan-Salyan regions.
Sept.14, official exchange rate is 0.8037 manat to $1.