The agreement on the credit the World Bank Directors Council approved June 29 under the Phase 2 within Agriculture Development and Crediting Program of Azerbaijan (ADCP-2) might be signed in September 2006, Trend reports quoting Rufiz Chiragzadeh, project manager in Baku office of WB next week the World Bank is submitting the credit documents package to Azeri Government. Chiragzadeh said the operations on the project shall commence in early 2007 and last till March 2011.
The WB issued $29.2mln under the project. From this amount, $20.5mln are4 issued on standard terms of IDA at 0.75% annual interest for 35 years (first 10 years preferential) and $8.7mln on tougher terms at 3% annual interest for 35 years. The governmental share in this project amounts $13mln, Chiragzadeh said.
The project suggests farmers crediting through credit unions and through banks and leasing agencies.