WB to allocate up to $ 40 million to Azerbaijan to develop higher education

Business Materials 6 August 2011 16:43 (UTC +04:00)

Azerbaijan, Baku, Aug. 6 / Trend, I. Khalilova /

The World Bank (WB) postponed a new project to reform and improve the higher education system till a national development strategy of the Azerbaijani education system is prepared, WB Country Manager for Azerbaijan Joseph Owen told media.

"We have completed a technical analysis of the project, but we want to wait for the preparation of a national strategy to coordinate them, he said. "So, we can determine the best ways to facilitate the education system in the country."

Owen said that it is planned to allocate about $30-40 million to implement the project.

At present, the World Bank has financed three projects in Azerbaijan in the field of education. The first loan worth $5 million was allocated by the bank in 1999. The WB second project in Azerbaijan in the education development system was aimed at sectoral reforms in this area, based on a program of reforms in education, operating since 1999.

The total project cost amounted to $20.99 million, of which $ 18 million fall to the WB loan. It was approved by the Board of Directors on May 27, 2003.

The cost of the third project is $45.4 million. About $ 25 million fall to the WB credit.

All these projects have been financed by the bank at concessional terms through the International Development Association (IDA).

Since joining the WB in 1992, the commitments to Azerbaijan total $2.9 billion in 43 projects.

The current WB portfolio in Azerbaijan consists of 20 projects worth $2.3 billion.