Talks with WB on legal system reformation about to complete

Business Materials 15 May 2006 13:33 (UTC +04:00)

Official talks between Azeri governmental officials and World Bank on credit agreement for legal system modification design are finished today, WB officials told Trend. It is only left to coordinate on the final cost of the project.

The talks are performed with the Banks mission, headed by Valid Melek, leading expert for governmental sector management.

By the totals of talks, its protocol will be sent for approval to the Council of Directors, which shall examine start of financing by the end of June. WB is supposedly issuing a $20mln credit via IDA for 35 years with preferential period 10 years and at interest rate 0.75% annual interest.

The project cost estimate is Общая $33.6mln. Japanese government is going to issue $3mln grant for this purpose. The remaining part will be financed by the government.

The project aims at improving legal infrastructure and construction and repair of district court buildings. The project originally covers Baku, Sumgayit, Ganja, Alibayramli, Mingachevir, etc. The government is financing construction of new building for the Supreme Court and WB provides funds to furnish it.