Azerbaijan, Baku, Nov.15 / Trend, A. Akhundov /
The third phase of the subcomponent of the World Bank project on reporting on the budget and corporate sectors (CAP / SAP), regarding the improvement of the activity of the Azerbaijani Chamber of Accounts has taken place, Chamber of Accounts Deputy Chairman Adil Maharramov told Trend on Monday.
"In the first and second phase German specialist Axel Mennicken, engaged as a consultant, has prepared and submitted a report to us. Within the final and most important phase, he will prepare proposals to change legislation and submit a final report," Mr Maharramov said.He said the third phase will last two weeks.
Total project cost is $24 million. This has been financed by a loan from the World Bank to the sum of $11 million, grants from the Japanese Foundation PHRD ($3 million), Seco ($2 million) and Government of Azerbaijan shares ($8 million).
The CAP/SAP project was approved by the executive board of the World Bank on March 27, 2008.
As of September 2011, $0.4 million of the total volume of credit funds allocated by the World Bank have been spent, the remainder being $10.8 million.