Azerbaijan to attract $47 million more from WB
Azerbaijan, Baku, 13 May / Trend, A. Akhundov /
The World Bank (WB) and the Azerbaijani government signed a protocol on the results of official negotiations on issues related to additional funding for the Integrated Solid Waste Management Project, the Baku office of the bank told Trend on Monday.
Under the additional financing, the WB plans to allocate $47.1 million of credit resources from the International Bank for Reconstruction and Development (part of the WB), while the share of the country's government will be about $8 million.
The protocol will be submitted to the Board of Directors. Loan approval by the Board of Directors is scheduled for May 30.
The ajor portion of the bank's credit resources will focus on the reconstruction of the solid waste landfill in Balakhany (component B), covering additional expenses for project management (component A) as well as works on technical preparations for future investment in the sector (component E).
The project closes on September 30, 2013, but it is expected to extend the project for three years until 30 September 2016 to complete the works under the additional financing of the project.
The project was approved by the Board of Directors of the World Bank in June 2008. Its implementation began in 2009. The total project cost is $ 41.5 million, of which $29.5 million account for WB loan, while the remaining portion is covered by the government of Azerbaijan. Loan has a term of 20 years.
Project activities are implemented in the following areas: institutional reform, capacity building and management, regulation and management of the Balakhani solid waste landfill, closure of other dumps and management, purchase of equipment for the solid waste collection, preparation of an investment plan for the period after the completion of the project.