Azerbaijan Finance Ministry Proposed WB to reduce Volume of Financing for Project on Foundation of Cadastre
The Azerbaijan Finance Ministry proposed World Bank (WB) to review the results of the appraisal of the project on foundation of cadastre in the country. Trend has been told in the Finance Ministry today, that after the last appraisal, the value of the project increased, and the amount of the WB credit increased correspondingly.
Financiers suggested reducing the volume of the external financing from $40-50 mln. to $30 mln due to the removal of some components within the State Property Committee, State Land and Cartography Committee. Some repair and construction works to be carried out in this State Bodies within the WB project, the Government of the Country plans to implement at its own expense.
According to the preliminary data obtained from WB Baku Office, the Azerbaijan Government and WB is expected to hold official negotiations on the forthcoming credit agreement in February-March, 2007.
The shares of WB and the Azerbaijani Government will be finally agreed during the official negotiations. However, WB Baku does not rule out that the volume of the WB credit might reach $30 mln.
The forthcoming WB credit might be approved during the sitting of the Board of WB to be held in March, 2007.
The WB project will cover all the system of registration in the country, however, some pilot projects will be within it as well.
The beneficiaries of the project are: the State Immovable Property Register within the Cabinet of Minister of the Country, State Committee on Land and Cartography, State Property Committee, and the Justice Ministry of the Country. The project envisages registration of property, preparation for the cadastre of maps, and strengthening the state property governance system.