Azernews.Az

By Nigar Orujova

World Bank Vice President Joachim von Amsberg will pay an official visit to the Azerbaijani capital Baku on June 14-15, the WB's Baku office said on June 11.

Amsberg supervises issues of concessional financing and the work of the International Development Association (IDA), a WB lending arm.

The WB said Azerbaijan has paid off about half of the IDA debt before the expiration of time by transferring $300 million. One of the goals of the visit is to recognize the merits of the country's government in this work.

Amsberg is due to hold meetings at the Ministry of Finance, the Central Bank of Azerbaijan and the Cabinet of Ministers.

As of January 1, 2013, Azerbaijan held talks with the World Bank under 56 projects on financing credit agreements totaling over $3.122 billion.

At present, the implementation of 36 projects worth $894.1 million is complete, and currently the execution of 20 projects worth more than $2.228 billion is underway.

As of January 2013, WB loans in the amount of over $1.714 billion, constituting 54.5 percent of the total amount of the attracted credits, were used. In 2012, Azerbaijan spent $393.4 million from the allocated funds.

In addition to these credits, the World Bank allocated 44 grants totaling $41.37 million for Azerbaijan in 1995-2012.

According to the WB Baku office, the WB will start developing a new strategy of work in Azerbaijan by the end of 2013.

The current four-year WB strategy for Azerbaijan will end in the middle of 2014. The new strategy will presumably cover the period 2015-2019.

Official talks on the issue have not started yet, however, general discussions have been held, the bank's office said.

Currently, the WB and the Azerbaijani government are discussing an action plan on the bank's strategy for the remaining year and a half.