Azerbaijan, Baku, April 30 / Trend A.Akhundov /
The World Bank (WB) will specify the work to be carried out by the previously approved additional funding of $33.4 million under a project of modernisation of the judicial system in Azerbaijan, the Baku Office of the bank told Trend on Monday. To this end, a WB mission headed by project manager Amitabh Maherdzhi arrives in Baku today.
"The visit is of the nature of a review and the mission will stay here until the end of the week," a spokesperson for the bank said.
Construction of the courthouse in the Oguz region has been completed under the project and the construction of court buildings in Ganja, Gedabek regions and Yasamal district of Baku is underway, the bank said.
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.