Central Bank of Azerbaijan allocates interest-free infrastructure loan
Baku, Azerbaijan, Aug. 31
By Anvar Mammadov - Trend:
The Central Bank of Azerbaijan (CBA) has delivered an interest-free loan in the amount of 18 million manat to the International Bank of Azerbaijan (IBA) for a period of seven years for the construction and reconstruction of schools in 22 districts of Azerbaijan.
IBA's loan will be paid off from the state budget intended for this purpose, the Agency for Rehabilitation & Reconstruction of the Liberated Territories of Azerbaijan (ARRA), the beneficiary of this project, told Trend. The loan will be paid twice a year.
"The loan will be directed for the construction and reconstruction of schools and kindergartens in the city of Shirvan, as well as Agjabedi, Agsu, Astara, Goranboy, Imishli, Guba, Gusar, Oguz, Sabirabad, Salyan, Samukh, Siyazan, Ujar, Gobustan, Shamkir, Bilasuvar , Lerik, Gazakh, Agstafa, Zardab and Khachmaz districts of Azerbaijan," the agency said.
ARRA also said that previously, the work was carried out through loans from the International Development Association (part of the World Bank Group), the Islamic Development Bank (IDB) and the Saudi Fund for Development from 1997 to 2008.
"These funds were spent on the reconstruction of infrastructure in different districts of Azerbaijan," the agency said. "In particular, they were spent on the reconstruction of destroyed houses and reconstruction of the water supply system in Fizuli and other frontline districts of Azerbaijan."
ARRA was established in 1996 to coordinate the work to restore the areas of the country affected by hostilities. During this period, the agency implemented a number of projects aimed at the restoration of water supply system, the ecology, the administrative buildings in the territory of Azerbaijan. The social projects are implemented through the agency.
The official exchange rate is 1.0480 AZN/USD Aug. 31.
Edited by CN
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