WB completes second project to promote economic development of IDPs in Azerbaijan
Azerbaijan, Baku, Nov.27/ Trend, N. Ismayilova /
The World Bank (WB) will timely complete the implementation of the second project to promote economic development of internally displaced persons (IDPs) in Azerbaijan, WB Baku Office told Trend.
"This project is scheduled to be completed by late December 2011. Since this project is one of the most successful, it will be completed timely, after which another project aimed at improving living conditions and incomes of IDPs in Azerbaijan will start," the bank said.
The second loan amounted to 11.5 million. Some $24.19 million was allocated for the completion of the project dollars. Completion of this project is scheduled for Dec.31, 2011. Some 108,000 people benefited from this project.
The first loan worth $10 million was provided in 2001. Then, 199 projects were funded at the expense of these funds and 170,000 people benefited from this project.
The third WB project on improving the living conditions and income of IDPs in Azerbaijan approved in 2011 is funded by the International Bank for Reconstruction and Development (IBRD is part of the WB). The share of government involvement in the project is $28.5 million. Thus, the overall funding of the project is $78.5 million. Azerbaijan and the World Bank (WB) signed a credit agreement in Baku on Nov.16, 2011.
Under the project, there will be over 200 micro-projects carried out that will cover 120,000-150,000 people. It will also contribute to improving the living conditions of about 30,000 people. About 1400 young people will be able to get training and grants to start their own business. In addition, about 1500 micro credits will be given to the displaced to open or expand a business.
In total, about 185,000 IDPs in Azerbaijan will have greater access to infrastructure services, to improve their living conditions and earning potential under the new WB project.