Finance

Finance

Azerbaijan and World Bank sign new loan agreement

16 November 2011 11:28 (UTC +04:00)

According to WB Baku office, the agreement was signed by Deputy PM of Azerbaijan, chairman of State Committee for Issues of Internally displaced Persons Ali Hasanov and Said Bagirli, Acting Country Manager, World Bank.

Total worth of project makes $78.5 mln, including additional $28.5 mln to be allocated by the government for implementation of project. The project aims to improve the living states of IDPs.

According to information, Azerbaijan is one of the countries which most of IDPs placed in. As a result of Armenia â€“ Azerbaijan Nagorno Karabakh conflict, 7% of Azerbaijani population live as IDPs. According to latest researches conducted by World Bank jointly with Azerbaijani government, the IDPs are poorer than others.

This new project will be constructed based on the previous successful projects covering over 400 micro projects which +120,000 IDPs benefited from them. This project will serve to improve the states of IDPs who live in public buildings and provide them with the jobs.

The project consists of 4 components: First component covers micro projects. Approximately 120-150,000 persons are expected to benefit from the 200 micro projects to be supported within this component. Other component covers reconstruction and repair of 90+ public buildings which the IDPs live in. This will support improvement of 30,000 personsâ€™ apartments. Other component covers support of income opportunities of project. Near 1,400 youths will receive grants to start own businesses after graduating the vocational training courses. At the same time, near 200 community groups will get grants to start small businesses. Besides, near 1,500 micro loans will be given for development of current business.,

Note that, Azerbaijan has been in cooperation since 1992.