Azerbaijan spent more than quarter of World Bank's active portfolio
Azerbaijan, Baku, April 30 /Trend A.Akhundov/
Azerbaijan has been a World Bank member since 1992. During this period, the WB allocated $3.1 billion in loans and grants from the International Development Association (IDA) and loans from the International Bank for Reconstruction and Development (IBRD) to implement 43 projects in various sectors. A total of 42 percent has already been spent, the WB Baku Office told Trend on Monday.
About 75 percent of the funding accounts for transport (48 percent) and water and sewer services (21 percent). Other sectors include public administration and a right accounts for 8 percent), agriculture, fisheries and forestry - 8 percent, energy and mining - 5 percent and the financial sector- 4 percent.
Over 59 percent of the current active portfolio accounts for transport, 23 percent - water sector, 5 percent - agriculture, fisheries and forestry, 5 percent - public administration, law and justice.
"The portfolio consists of 17 active projects, with a general obligation of $2.3 billion, 74 percent of which have not yet spent," the bank said.
Six active projects focuse mainly on the infrastructure sectors.
"The low level of development is partly due to a sharp increase in lending through the IBRD in 2008, which almost triple the amount of the portfolio" the bank said.
The trust fund portfolio amounts to $13 million.