Christos Kostopoulos, the economist of the World Bank (WB) on Azerbaijan, will pay a visit to Baku from 15 to 31 August to consult with the government on some issues.
Kostopoulos will carry out a review of the WB second credit for the programs on Institutional Building Technical Assistance (IBTA-2) and Poverty Reduction Support Credit (PRSC), the representative office of the WB told Trend.
“The WB approved allotment of a $20 million first PRSC credit, but the program envisages annual allotment of similar credits during 3 years. Kostopoulos was called to make clear the Azerbaijan’s readiness to start negotiations within the second round of PRSC to accept next credit,” the representative office said.
The deletion led by Kostopoulos earlier determined that economy of resources comprised around $5 million, but the government did not publicize the directions of their use.
The World Bank approved the IBTA-2 on 19 June 2002 and allotted SDR 7.47 million ($9.45 million) on standards of the International Development Association. The Azerbaijani government allotted $1 million more.
The implementation of the project envisaged for 4.5 years. The credit agreement on the IBTA-2 was signed on 17 October and approved by the President of Azerbaijan on 1 November 2002.