Azerbaijan, Baku, Feb. 27 / Trend A.Akhundov /
The World Bank (WB) will present a new head of the project to modernise the judicial system to the Azerbaijan government, the WB Baku Office told Trend on Monday.
"We are changing manager of the project as is our normal practice," the office spokesperson said.
The mission, headed by current project leader Klaus Decker and the new head Amitabh Maherdzhi will be in a country on a visit from February 27 to March 3, the office said. "The mission is in the nature of a review," the office confirmed.
On June 29, 2006, the WB board of directors approved the allocation of a loan to Azerbaijan's judicial-legal system. The total project cost is $35.6 million, of which the bank share is $21.6 million. The Japan Special Fund allocated a grant of $3 million, while the share of the Azerbaijani government is $11 million. The project is running for five years.
The WB loan was granted by the International Development Association on standard terms - 35 years with a grace period of 10 years at a rate of 0.75 per cent per annum. At the end of that period payments on the loan raise to1.25 per cent, and from 2026 to 2041 years, 2.5 per cent.
In 2011 the WB Board of Directors approved additional financing for projects worth $9.2 million from the International Development Association (IDA), and $24.2 million - from the International Bank for Reconstruction and Development (IBRD).
The share of participation of the Government of Azerbaijan in the project is $28.3 million. Hence, the project is valued at a total of $61.7 million. The project aims to develop the potential of Azerbaijan's judicial system and enhance its efficiency as well as improving people's access to information and services.