TODAY.AZ / Business

Azerbaijan to receive first WB credit transfer under PRSC project this week

14 February 2006 [07:50] - TODAY.AZ
The government of Azerbaijan refused receiving two credit transfers in amount of $40 million from the World Bank (WB) under the Poverty Reduction Support Credit (PRSC) project.

As APA reports, the government of the country does consider necessary to obtain second and third transfers (each totaling $20 million) of this credit amounting to $60 million in tote.

At the same time, all preparatory works and documents for reception of the first transfer ($20 million) were completed and prepared. It is expected that funds will be allocated this week and this transfer will be utilized for covering the 2006 state budget deficit.

It should be reminded that the decision on allocation of the first transfer was adopted in the meeting of the WB Board of Directors held on May 17 last year and the respective credit agreement was signed between the Bank and government in September. The PRSC project is planned for 3 years.

Azerbaijan has been the WB member since 1992 and the Bank has lent more than $700 million to our country over the past period.


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