Government refuses from saved fund within IBTA-2

Business Materials 26 December 2005 14:08 (UTC +04:00)

The Azerbaijani government completed the negotiations with World Bank (WB) on use of saved fund within the WB’s second Institutional Building technical Assistance (IBTA-2). The government decided to return saved $4.6m to the bank, the project implementation group told Trend. Only $180,000 of the fund will be used to improve the legislation in business accounting and audit.

WB mission led by Christos Costpulos, the IBTA project manager, arrived in the country to hold negotiations with the Azerbaijani government. The experts regarded the decision of the government as incomprehensible taking into consideration that the credits would be grant in the limited amount and on commercial conditions. It should be mentioned that the bank approved 7‚470m SDR ($9.450m) project in 2002, while this sum currently comprises $10.8m.

Thus, the Azerbaijani government used $4.8m within the IBTA-2 project.