TODAY.AZ / Business

WB evaluates prospects of new project in Azerbaijan

13 January 2014 [15:23] - TODAY.AZ
A WB assessment mission will arrive in Baku in January. It will examine the prospects of a new project in Azerbaijan, WB office in Baku told on Saturday.

"The mission plans to discuss the "Judicial Services and Smart Technologies Project" (JSSTP) with the country's government," the office said.

The project envisages the development of infrastructure and the introduction of advanced technologies in the country's judicial system. It will also cover issues relating to the institutional development of the system, new procedures and approaches. The project budget is estimated at $ 100 million.

"After the assessment mission's work is summarized, a stage of negotiations will start with the Azerbaijani government," the office said. "Their beginning is expected at the end of the first quarter of this year."

The first loan for the judicial and legal system of Azerbaijan was approved by WB board of directors on June 29, 2006. At the total value of $35.6 million for a five-year project share of bank credit, it amounted to $21.6 million. The Japan Special Fund gave a grant of $3 million, while the share of the Azerbaijani government amounted to $11 million.

The WB granted a loan through the International Development Association (IDA) on standard terms, that is 35 years with a grace period of 10 years and an interest rate of 0.75 percent per annum. At the end of a 10-year grace period, payments of the loan will be at the rate of 1.25 percent and from 2026 to 2041 at a rate of 2.5 percent.

In 2011, the WB board approved additional funding for this project to the sum of $9.2 million through the IDA and $24.2 million loan from the International Bank for Reconstruction and Development (IBRD). The government share in the project amounted to $28.3 million and the total amount of funding for the project is estimated at $61.7 million.



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