Azerbaijan Used 45% of WB Credits

Business Materials 10 January 2007 17:23 (UTC +04:00)

Since the co-operation with the World Bank, the Government of Azerbaijan has been credited with $940 mln. $423 mln has been used up to day. The portfolio includes 18 projects. 16 will be financed by the International Development Association and 2 by the International Bank for Reconstruction and Development, Trend reports with reference to the WB Partnership Strategy with Azerbaijan.

8 infrastructure projects will support the economical growth in the country. They include rural areas, irrigation system and major automobile roads.

In July 2006, the portfolio of the International Finance Corporation (IFC) for Azerbaijan amounted to $49 mln. $41 mln have not been used.

The bank is assisting in improving the education system in Azerbaijan, and the next stage will begin within new strategy. The first project was completed in 2006, and bank has already prepared a new project covering common-sector approach.

The WB highlights the minimal problems with the realization of the projects in Azerbaijan, and the average level of using the finances of the bank in 2005-2006 equaled nearly 20%. The WB recommended strengthening the control and to pay more attention to the administrative procedures in order not to allow delays with the realization of the projects.