Azerbaijan, Baku, November 16 / corr. Trend N. Ismayilova/
The third project of the World Bank (WB) aimed to improve living conditions and incomes of internally displaced persons (IDPs) in Azerbaijan will be implemented in a timely manner, said the Deputy Prime Minister Ali Hasanov at the ceremony of signing the loan agreement on allotment of $50 million for the project.
Credit is allocated from the resources of the International Bank for Reconstruction and Development (IBRD which is a part of the WB). The share of government in the project is $28.5 million. Thus, the overall funding of the project is $78.5 million.
"Under the four-year project, it is planned to carry out work in four main areas, which include micro-financing, governance, increasing income of refugees, and repairing residences," Hasanov said.
According to Hasanov, there are opportunities to ensure the timely implementation of the project, including the possibility of its implementation ahead of schedule.
The WB allocated its first loan for $10.7 million in 2001 to promote economic development of IDPs. The sum included $10 million of WB loan and $700,000 of the Azerbaijani government, Hasanov added. The loan was spent on financing 199 projects of the IDP communities, and the project benefited 175,000 refugees.
"As much as $12.6 million was granted for the implementation of the second project, including $11.5 million out of the WB loan. The funds financed 168 community projects and 190,000 refugees benefited from this project," Hasanov said.
According to Hasanov, the funding allocated for the second project was not enough, and there was a need for additional funding. Thus, $24.3 million was allotted to complete the project, including $15 million out of the WB loan, and $9.3 million of the government loan. These funds are planned for financing 243 projects related to IDP communities and benefit 135,000 refugees.
"In general, $47.49 million has been allotted to implement projects aimed to improve living conditions and economic development of IDPs over the last 10 years, which included $36.5 million of the WB loan and $10.99 million of the Azerbaijani government," Hasanov underscored.
WB Baku Deputy Office Manager Saida Bagirli told at the signing ceremony that promoting economic development of displaced persons is one of the priority areas of cooperation between the bank and the country.
"In total, $107 million and $2 million of WB grant have been allocated for projects in this area, including a new project," Bagirli noted.