World Bank to allot $280m to Azerbaijan
BAKU – The World Bank will allocate $280 million to Azerbaijan under the bank’s newly developed four-year strategy, according to WB Country Manager Joseph Owen.
Owen said this amount will be allocated over the next two years for various projects and as investments, along with another $200 million from the International Finance Corporation (IFC), the World Bank’s private sector lending arm.
"We have developed projects such as irrigation and creating a contemporary capital market. Also, a project in the field of higher education is in the making," Owen said.
He said that the WB currently finances 18 projects in Azerbaijan with a total portfolio of $2.2 billion. The projects cover transport, including railways, environmental protection, education, justice, and other fields.
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