WB, Azerbaijan sign multi-million deal

Business Materials 11 July 2016 08:31 (UTC +04:00)

Baku, Azerbaijan, July 11

By Azad Hasanli – Trend:

The World Bank and the Azerbaijani government have signed an agreement on additional financing in the amount of $66.7 million on the IDP Living standards and Livelihoods Project, WB Baku office told Trend.

The WB Board of Directors approved additional financing for the project June 17. Azerbaijani government’s share in the project is $11.83 million.

The WB Baku office has not specified the terms of the funds’ allocation within the additional financing, since currently, the disbursement of the credit issued within the main project has not yet completed. Some $0.29 million of the $50 million-credit should be repaid, according to the bank.

Additional funds will be used to improve basic local infrastructure, living conditions, income, skills and employment opportunities for internally displaced persons, and also includes the geographic expansion of micro-credits’ allocation. These micro-credits are aimed at repair or restoration of basic and social infrastructure. Moreover, it is envisaged to increase the maximum amount of the micro-credit from $250,000 to $300,000 within the additional financing.

This is the third IDP Living standards and Livelihoods Project implemented by the WB in Azerbaijan. The project was approved by the WB Board of Directors in October 2011. The main project’s cost was $78.53 million, including $28.53 million allocated by the Azerbaijani government. In total, the WB allocated $153.2 million since 2001 and helped to improve living conditions and to increase income of more than 500,000 IDPs in Azerbaijan.

Azerbaijan joined the WB in 1992.