TODAY.AZ / Business

WB provides extra allotment to Azerbaijan for rural investment project

15 March 2014 [11:07] - TODAY.AZ
The World Bank (WB) is preparing to deliver additional funding for the second project 'Azerbaijan Rural Investment' (AzRIP-2), head of WB office in Baku Larisa Leshchenko told Trend on March 13.

"Negotiations between the WB and the government will begin in April," she said. "The matter rests in additional funding to the sum of $ 50 million.

The Azerbaijani government and the International Bank for Reconstruction and Development (IBRD is part of the WB) signed a loan agreement on 'Azerbaijan Rural Investments' (AzRIP-2) in October 2012.

The project cost is $ 53.6 million of which $30 million is allocated through the IBRD and $23.6 million at the expanse of the Azerbaijani government's stake in the project.

This project is based on the results of the first one which helped increase the revenues of 600,000 farmers, improve irrigation services for 700,000 people and provide 150 rural residents with drinking water. The project covers the five main areas of the Shirvan, Mugan-Salyan and Nakhichevan, northern and north-western areas.

The project comprises three components, including the development of community infrastructure in rural areas and technical support for rural infrastructure, as well as the management and monitoring of the project's results.

"The project was very successful and the bank and the government are interested in its continuation," she said.

Official talks on 51 projects have been held since Azerbaijan joined the WB. Loan agreements totalling $3.349.5 billion were signed to finance them.

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