JBIC to Change Conditions of Financing of Projects in Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / Japanese Bank for International Cooperation (JBIC) is to reconsider the form of cooperation with Azerbaijan. Considering economic increase of the country JBIC plans to refuse from privileged financing and transfer to commerce.
Azerbaijan will be allocated a privileged credit for improvement of water supply and sewerages system in small cities for the last time.
As a result the portfolio of JBIC on Azerbaijan may reach $1bln. The volume of investments of JBIC is the largest among all International Finance Institutions Azerbaijan cooperate with. JBIC is the leader on multiple-discipline services. Presently, the total volume of investments of bank in energy project made up $700mln. All credits were allocated to the country on privileged conditions - 40 years with moratorium on interest within 10 years and interest rate 0.75% per year.
Alongside the Japanese Government has allocated $20mln as grants on purchasing agriculture equipments. Annually the Japanese Embassy in Azerbaijan sends $1mln on reconstruction and construction of new schools.
Japan is ready to render assistance in such spheres as education, healthcare, infrastructure, development of human resources, as well as they are interested in widening cooperation in infrastructure sphere.