WB plans to approve four projects for Azerbaijan in 2012 fiscal year

WB plans to approve four projects for Azerbaijan in 2012 fiscal year

Azerbaijan, Baku, August 5 /Trend, N.Ismayilova/

The World Bank (WB) plans to approve funding for four new projects in Azerbaijan in 2012 fiscal year, the head of the WB office in the country Joseph Owen said to a news conference on August 5.

"We are ready to submit these four projects for approval by the WB Board of Directors. These include projects on the economic development of internally displaced persons, the construction of deep sewerage works from Hovsan sewage aeration station in the Caspian Sea, the activities within the continuation of the Azerbaijan Rural Investment Project (AzRIP ) and 3rd phase of adapted program of development and agricultural lending," said Owen.
He said the Bank plans to provide $30 to $ 50 million to implement the second phase of the AzRIP project, the same - to implement adapted program of development and agricultural lending, and about $80-90 million - the project of the construction of deep sewerage works from Hovsan sewage aeration station in the Caspian Sea.

The new loan to contribute to the economic development of internally displaced persons in Azerbaijan totals $50 million. The total cost of this project is estimated at $74.5 million. The Azerbaijani government will finance 25 percent of project and costs for taxes (VAT).
Initial cost of project on the construction of deep sewerage works from Hovsan sewage aeration station in the Caspian Sea is $109 million, $92 million of which will be allocated from the International Bank for Reconstruction and Development (IBRD is part of the WB group).
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 Azerbaijani government and World Bank signed a loan agreement worth $21.5 million on extra financing the AzRIP in April.
The Azerbaijani government and the World Bank signed a loan agreement on the phase II of the adapted development and agricultural lending program in Azerbaijan in autumn 2006. Implementing of this project serves to increase farmers' income and agricultural productivity. The project was realized from 2007, and it is designed for four years.
The total project cost is $ 58 million, of which about $ 30 million accounted for WB loan.
Roughly $20.5 million was allocated from the funds of the International Development Association (IDA), $ 8 million - due to tightening of IDA terms, which are also designed for 35 years with a grace period of 10 years, but the rate of libor-2 percent.
The current WB portfolio in Azerbaijan consists of 20 projects worth $2.3 billion. Azerbaijan joined the World Bank in 1992. So far, the Bank provided Azerbaijan $2.9 billion to fund 43 projects.

Subscribe to Trend in Google News! Subscribe
Turkmen enterprise releases its first tablets and smartphones
Turkmen enterprise releases its first tablets and smartphones
Turkmen garment factory ramps up production
Turkmen garment factory ramps up production
Turkmenbashi refinery opens tender to purchase necessary equipment
Turkmenbashi refinery opens tender to purchase necessary equipment
Loading Bars
Latest
Sudan military chief Burhan announces ministerial appointments: Sovereign council
Azerbaijani FM discusses issues of bilateral cooperation with Austrian minister
Azerbaijani FM meets with OPEC Secretary General (PHOTO)
UN General Assembly adopts resolution condemning Holocaust denial
Cavushoglu and Israel's Lapid hold phone call
Iran, Russia reach agreements in oil and gas sector, says minister
Children over 5 years old allowed to be vaccinated against coronavirus in Uzbekistan
Ankara expects to host Putin-Zelensky meeting - Erdogan
Turkey, Qatar agree on ensuring security at Kabul airport
Turkish Parliament speaker pays tribute to memory of martyrs of Azerbaijan's January 20 tragedy
Georgia slightly decreases imports of petroleum gases from Azerbaijan
US will keep probing diplomats’ health incidents: Blinken
Georgia shares data on cement imports from Azerbaijan
Kazakhstan Railways opens tender to buy spare parts
Azerbaijan's metallurgical production increases
Cost of manufactured computers up in Azerbaijan
Central Bank of Turkey makes decision on key rate
President Ilham Aliyev receives Advisor to French President's Cabinet and EU Special Representative for South Caucasus (VIDEO)
January 20 tragedy laid foundation for Azerbaijanis' struggle to restore their statehood and independence
Azerbaijan shares data on number of vaccinated citizens
Price indexes of industrial, trade sectors at Uzbek stock exchange rise
Azerbaijan confirms 1,186 more COVID-19 cases, 582 recoveries
Turkish VP tweets about anniversary of Azerbaijan's January 20 tragedy
Kazakhstan talks persons not eligible for support on loan deferrals, write-offs
Uzbekistan’s Bukhara oil refinery discloses volume of its production in 2021
Turkmen enterprise releases its first tablets and smartphones
Azerbaijan is beneficiary of recovery trend in hydrocarbon market - Gazprombank
Technical specifications of Azerbaijan’s Khizi-Absheron power plant revealed
Uzbek Central Bank makes decision on its main rate
Azerbaijan boosts oil exports to Georgia
State Statistics Committee discloses cost of machinery, equipment produced in Azerbaijan
Cars re-export from Georgia to Azerbaijan increases
Uzbekistan’s gas chemical complex reveals volume of its products for 2021
Kazakhstan unveils value of vehicles insurance over 11M2021
Kazakhstan reports increase in monetary base value
Kazakhstan's first president to retain right to speak at parliament and government
Azerbaijani Executive Power in Baku opens tender for purchase of truck spare parts
Tesla Berlin factory to elect works council on Feb 28
Kazakhstan to introduce two alternative ways to repay deferred payments
Introducing hydrogen as energy carrier can raise energy security risks
Impact of large-scale protests in Kazakhstan yet to play out - WoodMac
Azerbaijan's State Agency for Use of Mineral Resources opens tender on survey services
India’s cumulative COVID-19 vaccination coverage exceeds 158.88 Cr
PM Modi to host first ever India-Central Asia Summit in virtual format on Jan 27
Indian NSE world’s largest derivatives exchange for 3rd straight year
Artel launches Innovative Educational Center in Tashkent
Uzbekistan shares data on industrial production in 2021
Events held in Azerbaijani army, dedicated to January 20 tragedy (PHOTO)
Guides to accompany passengers of bus trips to Azerbaijan’s liberated Aghdam, Shusha cities
Can hydrogen market be cartelized?
Azerbaijani NBCO eyes boosting car loan portfolio
Memory of January 20 tragedy victims honored in Azerbaijan's Shusha (VIDEO)
Indian economic recovery yet to attain durability: Icra
Russia records another 38,850 coronavirus cases, highest daily number since Nov 13
PM to launch India-assisted projects with Mauritius counterpart Jugnauth today
Rapid growth of hydrogen to underpin rising demand for nickel, zirconium
Azerbaijani State Border Service to purchase building materials via tender
Iran’s CBI discloses data on balance of bank loans
Uzbek Statistics Committee reveals amount of construction work done in 2021
Azerbaijan's minister of health talks quarantine regime
Turkmen garment factory ramps up production
Iran reveals COVID-19 data for January 20
IEA expects Azerbaijan to increase oil output in 2022
Turkish MoD shares publication on anniversary of January 20 tragedy in Azerbaijan
Work related to Armenia's environmental crimes in Azerbaijan's Karabakh in progress - ministry
Iran’s Bahar Azadi gold coin price continues to rise
Turkish, Armenian special reps to discuss confidence-building measures - FM
IEA evaluates Azerbaijan’s OPEC+ compliance
Kazakhstan crude and condensate production estimated to go up in 2022
European Hydrogen Backbone joined by six more companies
Swiss Expo inks solar power purchase agreement in Poland
Кazakh Electricity Grid Operating Company opens tender to buy spares for vehicles
Turkmenbashi refinery opens tender to purchase necessary equipment
EBRD to allocate loan for Turkey’s renewable energy sector
Azerbaijan develops action plan to provide liberated areas with internet
Georgia shares data on trade turnover with Azerbaijan
Russian MFA talks about expansion of transport corridors within GUAM
Recognise ‘Hinduphobia’ and violence against Buddhists, Sikhs too: Indian envoy to U.N.
Work related to Armenian crimes against Azerbaijanis continues - Prosecutor General
Momentum in India's favour, need to prevail over COVID-19: Deloitte CEO on economic development
Central Bank of Iran shares data on exchange of bank checks countrywide
Proud to hold TEKNOFEST int'l aviation, space, technology festival in Azerbaijan - Turkish Baykar Makina
EU special rep for South Caucasus to visit Azerbaijan
Iran boasts potential to vastly increase exports to Russia
India extends suspension on international flights till February 28
Kazakh Gas Processing Plant opens tender to buy electric engines
Companies from UAE, Netherlands to build solar photovoltaic stations in Uzbekistan
Israel signs $3.4 bln submarines deal with Germany's Thyssenkrupp
Azerbaijan eyes holding clinical trials of Turkovac COVID-19 vaccine soon
Turkmen state concern to purchase material and technical resources via tender
Georgia names main goods in domestic exports in 2021
Azerbaijani minister talks potential omicron infection rate among local COVID-19 patients
Azerbaijani people honor memory of victims of January 20 tragedy (PHOTO/VIDEO)
Iranian banks issue big loans in services sector
UN Resident Coordinator in Azerbaijan expresses condolences in connection with January 20 tragedy
Ambassador of Kazakhstan to Azerbaijan honors memory of victims of January 20 tragedy (PHOTO)
Uzbek association signs agreement with Russian enterprises to develop textile industry
Inflation accelerating worldwide: How Azerbaijan responds?
Azerbaijan honors memory of martyrs of January 20 tragedy by minute of silence (PHOTO/VIDEO)
Turkish embassy in Azerbaijan shares publication on 32nd anniversary of January 20 tragedy
All news