Asian bank increases credit for early childhood development up to $20m

Business Materials 8 December 2005 16:48 (UTC +04:00)

“The Asian Development Bank (ADB) plans to increase financing of the project on early childhood development from $18m to $20m,” Matthew Westfall, the head of the Baku Representation of the bank, told Trend. The credit is supposed to be approved in 2006. The draft credit agreement is under the consideration of the Azerbaijani government.

In accordance with the document, ADB will allocate credit for 32 year with 8-year grace period. Interest rate comprises 1% during the grace period, 1.5% after expiration of the grace period.

The project envisages development of kindergartens and teachers involved in this sphere. The Bank allocated $600,000 to the Azerbaijani Education Ministry in 2004 to develop the project.

The project includes repair and construction of 240 kindergartens in the 12 pilot regions, improvement of education for children, ensuring of right and health food, restoration of heating system in the kindergartens.

5 infant schools are supposed to be established in the country. Besides, trainings and workshops will be organized for teachers and heads of kindergartens.