Azerbaijan, Baku, Oct. 3 / Trend, A.Akhundov /
In the spring of 2014, the World Bank (WB) plans to complete preparation of a new project in the modernisation of the judicial and legal systems of Azerbaijan, the head of Bank's Baku office Larisa Leshchenko told Trend.
At a best scenario, by the end of March 2013, the project may even be approved by the WB board.
"WB has already started preparing a new project to reform the judicial system. Now there are internal procedures. A list of necessary work, the required amount for their financing and the timing of implementation will be known when the project is evaluated in November," Leshchenko said.
According to her, the new project will mainly cover the issues relating to the institutional development of the system, use of new procedures and approaches and the further introduction of information and communication technologies.
The first loan for the judicial and legal system of Azerbaijan was approved by WB board of directors on June 29, 2006. At the total value of $35.6 million for a five-year project share of bank credit, it amounted to $21.6 million. The Japan Special Fund gave a grant of three million dollars, while the share of the Azerbaijani government amounted to $11 million.
The WB granted a loan through the International Development Association (IDA) on standard terms, that is 35 years with a grace period of 10 years and an interest rate of 0.75 per cent per annum. At the end of a 10-year grace period, payments of the loan will be at the rate of 1.25 per cent and from 2026 to 2041 at a rate of 2.5 per cent.
In 2011, the WB board approved additional funding for this project to the sum of $9.2 million through the IDA and $24.2 million loan from the International Bank for Reconstruction and Development (IBRD). The government share in the project amounted to $28.3 million and the total amount of funding for the project is estimated at $61.7 million.