WB determines new date to approve strategy of cooperation with Azerbaijan by 2014
Azerbaijan, Baku, Oct.19 / Trend, I.Khalilova /
The World Bank (WB) rescheduled consideration of a new strategy of cooperation with Azerbaijan (Country Partnership Strategy) for four years (2011-14 years) at the Board of Directors for Oct. 21, the bank's Baku Office said. Earlier it was supposed to consider the strategy's approval Oct.19.
"The postponement of consideration of the strategy may be due to the heavy schedule of the Board of Directors of the bank, but not due to any problem," the WB Baku office said.
The bank has already held consultations with the Government, Parliament and the country's civil society.
Within the strategy, the bank plans to annually allocate $250 million in total project funding for the country. Over the next four years, the WB intends to provide about $1 billion. Quota of the International Development Association (IDA is included in the WB group) is provided to the country for 2011 fiscal year (July 1, 2010 - June 30, 2011) in the amount of $ 48.9 million SDR ($ 73 million ). It is supposed that in the coming years, Azerbaijan will not have access to favourable financing of the WB. This quota's funds will be used for funding two projects - a program of capital market development and a new irrigation project.
The main idea of the bank is to continue successful projects in the field of road construction, agro-industrial development.
The Bank is preparing to approve about five new projects in road construction (road Baku-Shamakhi), ecology (construction of deepwater outlet of sewerage flows from the Hovsani aeration station in the Caspian Sea), education (reform of higher education system), and is likely to continue a project on improvement of water supply and sewerage system through enlarging list of small cities.
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. Today more than $1.5 billion of these funds have been spent.