TODAY.AZ / Business

WB completes its strategy for Azerbaijan

28 April 2015 [16:17] - TODAY.AZ

/By AzerNews/

By Nigar Orujova

The preparation of a new strategy for cooperation between the World Bank and Azerbaijan is ending. The work is expected to be completed on April 29, WB Baku office reported on April 27.

"Until mid-May, the draft strategy will be submitted to the Council of Directors of the World Bank, the meeting of which will take place in mid-June," read a statement from the office.

As the strategy of cooperation is designed for six years, the list of projects to be funded as part of it will initially cover the first two years.

"Currently we, with the government are specifying a list of possible projects for the first two years of cooperation. Most likely, it will take two weeks, but it is too early to say which projects will be included in the final list.

“After the two-year cycle, we will define a list of projects for the next two years of the strategy. Previously, when the cooperation strategy covered less time, a list of projects was approved at once and for the whole period. But today it is difficult to predict what the country's needs will be in a few years," WB office said.

The list of projects can vary depending on the evolving priorities of the government or the bank.

The current strategy of cooperation between the sides was settled for 2011-2014. Despite the fact that the timing of its implementation has been completed in late June 2014, during the transition period the bank continues to work on projects that will be financed by the World Bank at a later stage of cooperation.

The new strategy will assess the previous strategy, analyze the current situation in the country, as well as define the overall direction for the next strategic period.

The bank has financed more than 50 projects worth more than $4 billion after Azerbaijan joined its ranks in 1992.

The World Bank is also planning to accelerate the preparation of the project to improve Azerbaijan's energy supply, the Baku office said.

"Now we are at the initial stage of work with Azerishig [a single operator on the distribution of electricity in Azerbaijan]. Most probably, the determination of the parameters of the project will take several months. When we will be able to delineate its contours, the discussion on the scope of financing will start," the office said.

The project envisages improvement of the quality of the relevant infrastructures in the country, which will identify specific regions, as well as improvement of the financial stability of state-owned company.

"Only one WB mission has visited Baku as part of this project, so it is early to speak about specific areas. We are in constant contact with our partners in Azerbaijan, but the bank is planning to send to Azerbaijan several missions during the year," the office reported.

Earlier, the Asian Development Bank in Baku reported, that the government has asked its financial assistance in the amount of $ 750 million to improve the country's energy supply.

This project combined with Azerishig will cover the whole country. The total cost of the project according to preliminary data is $1 billion.

Azerishig company established in February 2015 is engaged in ensuring reliable, safe and effective supply of electricity to consumers. The company uses new technologies, modernization of the technical base and its effective use, as well as other activities aimed at developing this sphere.

URL: http://www.today.az/news/business/140253.html

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