WB restructures real estate registration project in Azerbaijan
The World Bank (WB) conducted restructuring of Registration of Real Estate Project being implemented in Azerbaijan, the WB Baku office told Trend news agency.
Specific work, which was planned to be carried out with the funds of the WB, will be financed through the funds allocated by the state as a stake in the project, a representative of the bank said.
These works also include the establishment of cadastral maps.
The project designed for 2008-2012, has been extended until 2014 as a result of restructuring.
Azerbaijani government and the World Bank signed an agreement on establishing a project of a single cadastre system of real estate property in July 2007. The project consists of four components: registration of real estate property, management and registry of state property, basic cartography and land cadastre and training, formation of policy and project management.
The project cost amounts to $38.57 million, with $30 million accounting for the share of the WB. The credit funds were allocated for 20 years with a grace period of five years. Azerbaijan has spent $9.137 million of the WB loan.
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