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.

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