Today.Az » Business » WB plans extra financial backing to two projects in Azerbaijan
10 July 2014 [14:27] - Today.Az
The Board of Executive Directors of the World Bank (WB) has approved the allocation of additional funds to implement two projects in Azerbaijan, a message from the WB said on July 10.
The loans worth $100 million and $50 million that are allocated through the International Bank for Reconstruction and Development (IBRD) will be spent on implementation of Judicial Services and Smart Infrastructure Project (JSSIP) and Azerbaijan Rural Investment Project (AzRIP), respectively.
"Modernization of Azerbaijan's judiciary can play a vital role in the country's future economic development," Henry Kerali, World Bank Director for South Caucasus said.
"The project will support this transformative process by supporting judicial infrastructure, introducing e-services; establishing more effective dispute resolution and business inspections systems, increasing transparency of judiciary and improving legal aid services to citizens, particularly to vulnerable segments of the population, such as internally displaced persons and residents of remote regions. We hope the project will promote effectiveness of and public confidence in the judiciary," Kerali said.
The participation share of the Azerbaijani government in the JSSIP will be $100 million. It is planned to implement this project by December 31, 2018.
AzRIP has empowered rural people to take agreed decisions in identifying and addressing priority development needs of their communities, according to the WB regional director.
"It has demonstrated a new and highly successful approach to public service delivery in Azerbaijan. The additional financing will allow this operation to expand into new regions that have high concentrations of internally displaced persons in order to reduce their vulnerability and foster growth," he added.
Additional $86.56 million is needed to continue the second project of the WB, Azerbaijan Rural Investment Project (AzRIP- 2).
The bank's participation share in the additional financing is $50 million and the remaining $36.56 million will be provided by the Azerbaijani government.
/Trend/
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