WB TO ALLOCATE FOR AZERBAIJAN FIRST TRENCH IN MID-2004

22.12.2003 [19:09]
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As was stated by the WB Baku Office, in June next year the Board of directors of this financial structure will approve allocation of the first trench at amount 20 million USD to the Republic in the frame of State Program on poverty reduction and development of economy.

Currently, the government of Azerbaijan is working out a plan of activities to be financed at account of this credit. In this process, also participating is the expert of WB Mr. Christian Peterson, who left the Republic last week and intends to return in early next year.

It has to be reminded that a 3-year project amounts 60 million USD, and the means will be allocated in three trenches in 20 million USD. The Program will be realized in three directions: promotion to the non-oil sector and creating working places; improving quality of social services and creation of common conditions for all on their utilization (education, social security, public health); rational use of the resources of State Oil Fund.

It is planned that the credit will be used through state budget of Azerbaijan.

WB TO ALLOCATE FOR AZERBAIJAN FIRST TRENCH IN MID-2004

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