WB to specify in autumn funding program in Azerbaijan over next two years
Azerbaijan, Baku, April 30 / Trend A.Akhundov /
Over the first two years of a four-year strategy on Azerbaijan (2011-2014), World Bank's (WB) lending will total about $ 175.4 million to support projects in Azerbaijan, the WB Baku Office told Trend on Monday.
"Lending will support projects for developing water users associations, capital markets, the judicial sector and supporting IDPs," the WB said.
The lending program for the next two years will be defined by a progress report on implementation of the Strategy, which is due in the fall of 2012.
"With Azerbaijan's per capita income of $ 5,280 (Atlas method, 2011), the country is now a middle-income country and in 2011 graduated from receiving concessional financing from the World Bank," the bank said.
The International Finance Corporation (IFC), the World Bank Group's private-sector lending arm, is targeting an increase in its investment program to about $ 200 million during this strategy period.
The current strategy of cooperation with Azerbaijan covers 2011-2014.
The strategy is based on such priorities as strengthening of the non-oil sector of the economy, including infrastructure development and agriculture. Moreover, the bank's activities will also focus on strengthening the effectiveness of social services, including health, education, social protection and water supply.
The government appealed to the World Bank with a request to allocate about $1 billion for the entire four-year strategy.
Azerbaijan has been WB member since 1992.