The Azerbaijani government is currently involved in technical preparations for
concluding a credit agreement with the World Bank on the first credit under the Poverty Reduction Support Credit project, to be approved by the International Association for Development and the first credit under the Power Transmission Project at the terms of the International Bank for Reconstruction and Development (IBRD). A government source told Trend an official inquiry to the Azerbaijani President on authorization for signing agreements is still to be sent.
However, there is no obstacle in the way of signing of an agreement, as all terms have been implemented. Avaz Alakbarov, the Minister of Finances, will more probably authorized in signing of PRSC, while First Prime Minister Yagub Eyyubov вЂ" in Power Transmission Project.
On 17 May the Board of Directors of the World Bank adopted two credits under the current under the Country assistant project (CAS). Under the PRSC Azerbaijan $20m with 10 years grace period for the term of 35 years.