World Bank presents new stage of Small Grant Program

Business Materials 18 April 2006 15:22 (UTC +04:00)

Presentation of the new stage of World Banks Small Grant Program amounting some $34k was held today. Trend reports with reference to acting head of WBs Baku office Saida Bagirli that first time in history he funds management will be passed to the local fund NGO ACDRTRC. On this matter the agreement was signed today between WB and NGO.

Starting the year 2000, the finance management was assigned by head office to the local representations of the bank. The bank issued nearly $200k for 46 NGO-led projects during these 6 years. During the last three years, organizations like Soros, Avrasiya, Open Society institute, etc. were also partaking in this program. Head of the office stated the possibility of

involving some outside financing sources. This will help to raise number of financed projects and amounts issued.

Ms Bagirli said the primary objective in such a non-standard financing is establishment of partnership.

ACDRTRCs executive director Yasin Dadashev said about seven projects may be financed on this amount, each of the projects will take $4 to 5k. Main attention at selection of the projects will be paid to those covering unprotected social groups, access to information, establishment of relationships with organizations abroad, etc. In this respect the projects may be oriented to development of education, health protection, communities, youth, social security, fighting corruption, poverty reduction, as well as ensuring transparency.