Azerbaijan spends almost half of WB active portfolio
Azerbaijan, Baku, Oct. 29 / Trend, A. Akhundov /
The World Bank (WB) has financed 44 projects in various sectors of the economy to the amount of $3.13 billion in the form of loans and grants from the International Development Association (IDA) and loans from the International Bank for Reconstruction and Development (IBRD) since 1992. Azerbaijan started cooperating with the WB in 1992, the WB Baku office told Trend on Tuesday.
About 75 percent of the funding fell to two main spheres - transport (48 percent) and water supply and sewerage services (22 percent).
Other spheres include agriculture, fishing and forestry (nine percent), social sector development (nine percent), energy and mining (five percent), public administration and law (four percent), urban development (four percent), financial and private sectors (one percent).
Over 23 percent of the WB current active portfolio in Azerbaijan falls to transport, 12 percent - the water sector, 12 percent - social development, 11 percent - agriculture, fishery and forestry, six percent - state management, social protection, urban development, education, public health, financial management, development of private and financial sectors.
"The current portfolio consists of 17 active projects," the bank said. "The general obligations on them reach $2.53 billion, of which 56 percent have not been spent yet."
As of September 2013, the level of spending the WB credit resources in Azerbaijan (5.3 percent) is more than the average level for the bank (3.1 percent), but less than in the European and Central Asian countries (6.4 percent).
Six active projects funded under the IDA, cover virtually every sector, while the IBRD portfolio (11 projects) mainly focus mainly on infrastructure.