WB plans to consider allocating new loan for Azerbaijan

Business Materials 6 November 2017 15:11 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Azad Hasanli – Trend:

The Board of Directors of the World Bank (WB) plans to consider financing the third phase of Azerbaijan Rural Investment Project (AzRIP-3) in the first quarter of 2018, a source in the Baku office of the bank told Trend Nov. 6.

It is not yet known what amount the bank plans to allocate for the project, and its concept is under development, according to the source.

Earlier, Naveed Hassan Naqvi, head of WB Baku office, told Trend that the bank hopes to complete the concept development early next year. The amount of the loan will also determine the scope of the project and the Azerbaijani districts it will cover.

Naqvi noted that the cost of the AzRIP-3 could be about $50-100 million.

Implementation of the second phase of the agricultural investment project in Azerbaijan started in 2012. The project’s cost is $53.6 million, and additional $50 million were allocated in 2014 as part of additional financing.

This project was created on the basis of results of the first phase, which increased the income of 600,000 farmers, improved irrigation services for 700,000 people. The project covers five main zones – Shirvan Plain, Mugan-Salyan, Nakhchivan, northern and northwestern zones.

Azerbaijan joined the World Bank Group in 1992.