WB completes preparing new project in Azerbaijan

Business Materials 8 September 2011 13:41

Azerbaijan, Baku, Sept. 8 /Trend N.Ismayilova /

A WB mission headed by Project Manager Joanna De Berry begins its visit to Baku from September 8 to complete preparing a new project to promote economic development of IDPs in Azerbaijan, the WB Baku Office said.

"The mission will stay in the country until September 16," the office said. "It aims to summarize while preparing the project. The project will be completed and submitted to the WB Board of Directors for approval after the mission completes its work."

WB is ready for allocating $ 50 million at a total cost of $74.5 million to implement the projects. The Azerbaijani government will finance about 25 percent of the project cost and the costs of VAT on imports of goods and services.

The cost of the project's first phase is $12.6 million, of which $11.5 million will be allocated by the WB. Contrary to practice, project funds were introduced a year earlier, but the realization of 50 (of 200) micro-infrastructural projects were not completed due to inflationary processes. Their implementation demanded additional funds. Only $24.19 million was allocated to finish the project, of which 9.6 million SDR ($ 15 million) fell to the WB, and $8.69 million (including VAT at $3.69 million) to the government.

Under the project, 108,000 IDPs will receive benefits.