WB to finance continuation of judicial system modernization project in Azerbaijan
Azerbaijan, Baku, Feb. 18 / Trend N.Ismayilova /
The World Bank (WB) plans to launch a second project to modernize the judicial system in Azerbaijan in 2011, WB Baku Office Head Joseph Owen said at a business forum on the possible implementation of the international investment projects in Azerbaijan. The forum is held at the Caspian and European Integration Business Club (CEIBC).
"This project will be a continuation of the existing project. The Bank will provide additional funding, which will also be aimed at modernizing the judicial system in the country and improving the methodology used in the management of judicial activities," Owen said.
He said the project cost has not yet clarified, but, according to the WB projections, it will be around $30-$32 million.
The total cost of the first project is 35.6 million, of which the share of the WB loans made up $21.6 million. The Japan Special Fund awarded a grant worth $3 million, while the share of the Azerbaijani government is $11 million. The project is designed for five years.
Project is aimed to improve the judicial infrastructure, building and repair of the regional courts buildings, including Supreme Court building. It is also planned to equip them technologically; introduce modern IT, and create the data base. The project also includes conducting trainings for judges and improving the information spread in the society.
The WB share in the project is allocated by the International Development Association (IDA). The IDA conditions are standard ones - for 35 years term with 10 year beneficial period and 0.75% annual rate. Upon the expiration of the 10-year grace period, there would begin loan payments on 1.25 percent and from 2026 to 2041 years - 2.5 percent.
The WB Board of Directors approved the judicial system modernization project in Azerbaijan on June 29 2006.