World Bank to review project portfolio on Azerbaijan

"As a large part of the bank's portfolio in the country consists of infrastructure projects, the mission will include a director of the bank's sustainable development department, Peter Thomson," said the office.

The main purpose of reviewing the bank's portfolio in the country will be the opportunity to improve effectiveness of implementation of ongoing projects.

"The review will reveal how effectively the bank's money has been spent, and what measures should be taken to increase the effectiveness of their spending," said the office.

In addition, the office said it is now considering a possibility of Bank's Regional Director for the South Caucasus Assad Alem's participation in the mission.

Azerbaijan has been WB member since 1992. During the period of cooperation, the bank has approved loans for the country in the amount of $2.5 billion.

In 2010 fiscal year of the WB, which begins in July 2009, it is expected to approve projects on road construction (road Baku-Shamakhi), ecology (construction of a deep sewer from the Hovsan aeration station to the Caspian Sea), education (reform of higher education) may extend the project to improve water and sanitation systems by extending the list of small towns.

As for now, WB has financed 45 projects with a total cost of $2.5 billion in Azerbaijan. In 2008, bank financed 13 projects worth $1.251 billion.

/Trend Capital/