The FINANCIAL — According to abc.az., Doubling of Country Partnership Strategy (CPS) budget on Azerbaijan for 2007/10 (adopted by World Bank Group for Azerbaijan in 2006) is not maximum possible.
WB country manager for Azerbaijan Gregory T.Jedrzeiczak said that besides crediting the Bank is ready to render greater volume of technical assistance for Azerbaijan.
“At the moment extra funding makes $600 million a year or $1.2 bn for two years until the Strategy expires. At the same time upper limit of financing can be increased if Azerbaijan encounters the necessity in additional borrowing from the Bank,” Mr. Jedrzeiczak said.
A possibility of CPS additional financing for the remaining two years was coordinated and covered by the CPS report made by Christian Peterson, senior economist for South Caucasus.
Extra financing from the Bank will make $1.26 bn for 2009/10.
The finances can be directed for earlier coordinated purposes – road construction, watersupply sector, infrastructure, governance structure reforms. The finances will be reserved for Azerbaijan and in case of interest of the latter these finances can be used on the conditions of International Bank of Reconstruction & Development.
Initial budget of CPS also totaled $1.26 bn to be allocated until July 1, 2008. Mr. Peterson conducted overview of CPS realization in Azerbaijan until February 15.
By the present WBG has given $2.323 bn to Azerbaijan for 45 projects.
2008 fiscal year, that finished on July 1, 2008 has become the last year when Azerbaijan was given loans on the International Development Association (IDA) conditions. In the future crediting will be conducted through the International Bank for Reconstruction & Development (IBRD).
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