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WB financing Azerbaijan’s projects

5 November 2014 14:42 (UTC+04:00)
WB financing Azerbaijan’s projects

By Aynur Jafarova

To date, the World Bank has allocated $3.6 billion to 51 projects in Azerbaijan, Azerbaijan's Economy and Industry Minister Shahin Mustafayev said on November 4.

He made this remark at a meeting with a delegation led by World Bank Vice President for Europe and Central Asia Laura Tuck.

Mustafayev noted currently, the implementation process of 18 projects are underway in the social field, transport, water supply, canalization and other sectors.

"Cooperation with the World Bank is diversified and currently, works are going on in the fields of economic diversification, the development of non-oil sector and improvement of the business environment," he added.

Informing the meeting participants about the Balakhani Industrial Park and privileges for the residents of the park, the minister noted the available capacities for cooperation with the World Bank in this field.

Tuck, for her turn, noted the effective cooperation between Azerbaijan and the World Bank saying the financial institution [World Bank] will further continue providing financial and technical support to the projects being implemented in the country.

After the meeting, the World Bank delegation visited the plant of sorting and incineration of solid domestic waste. The delegation also got familiar with the activity of the Balakhani landfill for the disposal of solid household waste and works on cleaning of the Boyukshor Lake.

As part of the visit to Baku, the World Bank delegation also met with Head of the Central Bank of Azerbaijan (CBA) Elman Rustamov.

During the meeting Tuck said in the future the World Bank will strengthen cooperation with Azerbaijan within the Country Partnership Framework.

The sides also exchanged views on the successful results of the World Bank's technical and financial support, the main indicators of the microeconomic development achieved in Azerbaijan, preparations for the implementation of the Financial Sector Assessment Program, capitalization and consolidation processes in the banking sector and other issues.

Azerbaijan has been a member of the WB since 1992. Total liabilities of the bank to the country have amounted to over $3 billion on 54 projects during this period. About $1.7 billion was allocated to the implementation of the road-transport projects.

The largest loan worth $670 million was allocated for improvement of the railway infrastructure and in particular, the reconstruction of the track on the Baku-Boyuk Kesik border with Georgia section.

The World Bank also finances the modernization and rehabilitation of road sections of the existing East-West and North-South corridors, namely the Alat-Masalli third highway, rehabilitation of the Kurdamir-Ujar section of the Baku-Georgian border highway, rehabilitation of the Baku- Shamakhi road, reconstruction of the road from Tagiyev settlement to the Sahil settlement bypassing Baku, Hajigabul-Bahramtepe road and expansion of the Baku-Shamakhi/Muganli highway.

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