State Oil Fund Acts as a Donor for Micro-credit Programs of Fund for Social Development of IDP's

Oil&Gas Materials 28 October 2006 12:56 (UTC +04:00)

By the end of 2006, the Fund for Social Development of Internally Displaced People will complete the talks with the State Oil Fund of Azerbaijan regarding financing the new micro-credit program. The cost of the program may equal $2-3 mln, Trend reports with reference to the Director of the Fund, Fikrat Topchubashov. He stressed that by the end of the year, the methodology will be worked out and it is expected to begin realizing the project in the near future.

The primary goal of the program is to support the micro-projects of IDP's and the social-domestic conditions. The resettlement program will last till 2010. Over the period of 5 years, 24 settlements have been built settled by 8,000 families or 35,000 IDP's. According to considerations, 3,000-3,500 houses will be constructed, which will be settled by 10,000-12,000 families.

Three programs totaling $5 mln are realized in Baku and Absheron. The $2 mln project in Bilasuvar is realized though the contract signed with Agroinvest Credit Union. Topchubashov considers that it is not enough.