Additional funding on WB agricultural project to be allocated in Azerbaijan in 2014
Baku, Azerbaijan, March 30
By Emin Aliyev - Trend
The additional funding for the WB second project "Azerbaijan Rural Investment" (AzRIP-2) can be allocated this year, the WB office in Baku told Trend on March 28.
The matter rests in additional funding to the amount of $ 50 million.
"The work is underway," the office said. "The negotiations between the country's government and the WB will begin soon. If the funding is not approved this year, we hope that it will be approved next fiscal year."
The Azerbaijani government and the International Bank for Reconstruction and Development (IBRD is part of the WB) signed a loan agreement on 'Azerbaijan Rural Investments' (AzRIP-2) in October 2012.
The project cost is $ 53.6 million of which $30 million is allocated through the IBRD and $23.6 million at the expense of the Azerbaijani government's stake in the project.
This project is based on the results of the first one which helped increase the revenues of 600,000 farmers, improve irrigation services for 700,000 people and provide 150 rural residents with drinking water. The project covers the five main areas of the Shirvan, Mugan-Salyan and Nakhichevan, northern and north-western areas.
The project comprises three components, including the development of community infrastructure in rural areas and technical support for rural infrastructure, as well as the management and monitoring of the project results.
Official talks on 51 projects have been held since Azerbaijan joined the WB. Loan agreements totalling $3.349.5 billion were signed to finance them.
Translated by NH