Finance

Finance

Rural Investment Project spends $175 475

04 December 2006 16:45 (UTC +04:00)

Azerbaijan Rural Investment Project has to date spent $175 475 and 27 projects have been implemented, 24 projects are in assessment, 57 projects are online, 62 projects are in preparation, Project deputy director Gulbaniz gambarova said, APA reports.
This project will complement the Governmentâ€™s State Program on Socio-Economic Development of the Regions by supporting the rural infrastructure development. The project will provide microâ€“project investments to households in rural communities to improve living standards and increase the use of infrastructure services. The funding will be through grants to organizations in rural communities to execute approximately 350-450 rural infrastructure micro-projects based on priorities identified by the communities. As a result, people in the targeted regions will have access to improved infrastructure and new economic opportunities, and communities will be capable of identifying and designing projects based on their needs identified by communities. Potential investments include basic economic and social infrastructure (e g, rehabilitation of secondary roads, water systems, electricity transformers, schools and health clinics).
AzRIP contributes up to 90% of the funds for projects. Communities must contribute at least 10%. At least half of this must be in cash. The remaining can be in their own labor or materials. /APA/