Azerbaijan, Baku, Oct.28 / Trend, N.Ismayilova /
The World Bank's Board of Directors today approved a $ 50 IBRD loan for the Azerbaijan IDP Living Conditions and Livelihoods Project, the bank's press release says.
According to the press release, with the $ 28.5 million Government contribution, the total financing for the project is estimated at $ 78.5 million.
"The goal of the project is to improve living conditions and increase the economic self-reliance of the beneficiary internally displaced persons. About 185,000 internally displaced persons (IDPs) in Azerbaijan will have better access to infrastructure, services, housing conditions and livelihood opportunities," the bank said.
Objectives of the project will be achieved by a number of means. This will include investing in small infrastructure and services micro-projects which IDP communities identify as their priorities. An estimated 200 micro-projects will reach a beneficiary population of between 120,000 - 150,000 persons.
The project will also help to improve housing conditions of about 30,000 persons. About 1,400 young people will receive vocational training and grants to start-up their own business.
The loan is issued by the WB for 20 years with a grace period of five years.
Since joining the World Bank in 1992, the commitments to Azerbaijan total approximately $ 2.9 billion for 43 projects.