Azernews.Az

The World Bank has allocated a $25 million loan to finance reforms in Azerbaijan`s education system. A loan agreement was signed between the government and the World Bank at the Ministry of Education last Wednesday.
The document, co-signed by Minister Misir Mardanov and Gregori Yedzherchak, head of the World Bank office in Baku, envisions funding the second project on developing education in the country.
The loan will be disbursed by the International Development Association, an arm of the World Bank.
A total of $45.4m will be designated for the project, with $20.4m to be provided by the Azeri government. The loan, with a ten-year grace period, will be repaid from 2018 to 2028, at a 1.25% annual interest rate. If the loan is not fully repaid by then, it will be repaid with a 2.5% interest rate by 2043.
Mardanov said the five-year project consists of the following components - curriculum reform; increasing the professionalism of teachers; expanding the potential of bodies overseeing the field of education; developing education in schools; and the monitoring and assessment of the project.
He emphasized that the World Bank has allocated over $30 million to support education over ten years of its cooperation with the Azerbaijani government. The assistance included both concessional loans and grants.
Yedzherchak said the project builds on international experience from similar programs. He added that, as a result of the project, the skills of Azerbaijani teachers will be improved and the country`s education system will be raised to European standards.