WORLD BANK PROJECT HEAD TO VISIT BAKU
The World Bank (WB) project manager Sonya Bratanovich will visit Baku in regard to the works performed on the project вЂњFinancial services developmentвЂќ, implementation of which will be launched shortly and the project вЂњTechnical assistance to the financial sectorвЂќ. During the visit to last till 16 October attending of the Finance Ministry and the National Bank, which implement the project вЂњTechnical assistance to the financial sectorвЂќ, familiarization with the works performed in the framework of the project is scheduled, the WB Baku office told Trend .
During the visit of Bratanovich discussions on measures implemented in connection with the commencement of the project вЂњDevelopment of financial servicesвЂќ will be held at the National Bank and the Ministry of Communications and Information Technologies.
It should be noted, the loan amounting to $5,4 million was allocated by WB for the project вЂњTechnical assistance to the financial sectorвЂќ started in 2001 till March 2006. The goal of the project is to assist the government of Azerbaijan in restructuring banks, enhancing the bank infrastructure and development of financial sector strategy. The project В"Development of financial servicesвЂќ was approved by the WB Board of Directors in early 2005 and $12 million 250,000 was allotted by the bank for the project.
In the framework of the projects implemented by WB the loans are allocated for 35 year period with the 0,75% annual, with the grace period of the first 10 years.