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Azerbaijan spends over 75% of WB loans

Business Materials 8 March 2017 14:01 (UTC +04:00)

Baku, Azerbaijan, March 8

By Azad Hasanli – Trend:

Azerbaijan spent $2.95 billion or 75.8 percent of loans of the World Bank (WB) as of Jan. 1, 2017, according to a report on activity of the country’s government in 2016.

The report says during 2016, the government used $271.3 million from the WB loans. Meanwhile, Azerbaijan has repaid $690.9 million obtained from the WB as loans since the beginning of its cooperation with the bank.

In 2016, the WB allocated loans for Azerbaijan on modernization and expansion of the Baku-Shamakhi road section ($140 million), improvement of life conditions for IDPs ($66.7 million) and Trans Anatolian Natural Gas Pipeline project (TANAP, $400 million).

Azerbaijan joined the World Bank in 1992.

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