TODAY.AZ / Business

World Bank, Azerbaijan sign a 29mn-loan agreement

05 October 2006 [19:44] - TODAY.AZ
On Thursday the World Bank and Azerbaijani Government have signed an agreement on Agricultural Develoment and Credit Project Phase II. According to the agreement, the World Bank will allow a loan of 29mn to the Government.

The agreement was signed by Azerbaijan's Agriculture Minister Ismat Abbasov and the Country Manager for Azerbaijan Gregory Jedrzejczak.

Jedrzejczak said the total cost of the project is $58mn- $30mn loans of the WB, $1.6mn-grant by Japan, the rest by Azerbaijani Government. The maturity of the credit is 35 years and grace period is 10 years, annual rate interest is 0.75% according to the terms of the International Development Association (IDA).

Gregory Jedrzejczak said there are some project components.

The main objective of the project ADCP-II is to enhance the access of farmers and small and medium rural enterprises to rural business and agricultural support services including financial, advisory and veterinary services and to stimulate market-oriented investments in rural areas.

Ismat Abbasov expressed his satisfaction with the program. "The portion of Azerbaijan is rising in the projects year by year. The Government's portion is $7.8mn in this project."

He also said the project will be implemented from next year and will cover all regions of Azerbaijan, APA informs.

URL: http://www.today.az/news/business/31074.html

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