World Bank allocated $ 8 million credit for Azerbaijan

According to the information given to APA from the Baku representation of WB, it was possible in the result of assertion of the “Protecting the environment in villages” project related to Azerbaijan in the next sitting of the Directors Council of the bank held on June 9. The credits are allocated for 35 years period under the condition of first 10 years’ being without payment and 0,75 % in the frame of this project as other projects realized by WB in the country. The “Global Ecologic Fund: formed by the international organizations will allocate $ 5 million grant, the Japan government $ 2,7 million grant for realizing of the project costing $ 17-18 million. The rest of means will be allocated by the Azerbaijani government.

We should note that WB is financing 18 projects costing $ 390 million in Azerbaijan at present. WB and the Azerbaijani government will sign a credit treaty for beginning execution of another 2 new projects recently. These are the “State program on poverty reduction and economic development” project costing $ 20 million and the “Electric conductor system” project costing $ 48 million asserted in the sitting of DC of the bank held on May 17.

We should remember that WB has allocated approximately $ 630 million for different projects in Azerbaijan.