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WB extends deadline for implementation of agricultural project in Azerbaijan

Finance Materials 26 November 2020 21:34 (UTC +04:00)
WB extends deadline for implementation of agricultural project in Azerbaijan

BAKU, Azerbaijan, Nov. 26

By Zeyni Jafarov – Trend:

The World Bank (WB) has extended the implementation period of the Agricultural Competitiveness Improvement Project in Azerbaijan until the end of December 2021, Trend reports with reference to the WB.

The project was approved by the WB Board of Directors in September 2013 while the deadline for its implementation was set at the end of June 2020.

Despite the slowdown in project implementation due to COVID-19 pandemic, the work is being held dynamically and entrepreneurs involved in the agricultural sector are reporting about an increase in project implementation by more than 40 percent, which is the main indicator of the project effectiveness.

The credit lines have been opened for 105 investment projects in general in many spheres of rural entrepreneurship within the project.

The production growth averaged 42.9 percent in 73 enterprises receiving loans within the project and an average of 74 percent in four implemented projects.

The total cost of the project is $53.2 million, of which $34.5 million has been allocated by the WB. So far, 87 percent of the loan has been spent.

The goal of the project is to improve sanitary and phytosanitary services for rural producers, provide them with financial services and develop entrepreneurship and food industry in Azerbaijan.

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