WB plans to sign three loan agreements with Azerbaijan
Azerbaijan, Baku, Aug. 5 / Trend N.Ismayilova /
The World Bank plans to sign an agreement with Azerbaijan to allocate loans totaling $125.4 million to implement three projects approved by the WB Board of Directors, WB official Joseph Owen told media at a news conference.
"After the internal procedures are completed, the loan agreements on three projects are expected to be signed," he said.
The WB Board of Directors today approved a $9.2 million equivalent in IDA credit and $24.2 million in an IBRD loan for the Azerbaijan Judicial Modernization Project Additional Financing (JMP AF).
With the $28.3 million government contribution, the total financing for the project is estimated at $ 61.7 million.
The goal is to develop the capacity of Azerbaijan's judicial system to make it more efficient and able to handle future demand.
The WB approved a loan worth $80 million for a project to improve the water supply in irrigation systems managed by farmers.
The Board of Directors approved a $76.80 million equivalent IDA credit and a $3.20 million IBRD loan for the Azerbaijan Water Users Associations Development Support Project.
With the $34.30 million government contribution, the total financing for the project is $114.30 million.
The CPPM is financed by an IBRD loan worth $ 12 million.
Since joining the WB in 1992, the bank's commitments to Azerbaijan total about $2.9 billion in 43 projects.