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Azerbaijan, World Bank sign a $25 million loan agreement for Education Sector Development Project II

24 September 2008 11:20 (UTC +04:00)

The agreement was signed by Misir Mardanov, Azerbaijanâ€™s Minister of Education, and Gregory Jedrzejczak, World Bank Country Manager for Azerbaijan.
The $25 million IDA loan has a grace period of 10 years.
Misir Mardanov said the ministry has had good cooperation with the World Bank for about ten years during which credit and loans of $30 million were received.
â€œIn total, Project II costs $45.4 million, $25 million of which will be provided by IDA and $20.4 million by the Government of Azerbaijan. Azerbaijan will start repaying the loan from 2018 to 2028 with an annual interest rate of 1.25%,â€ he added.
He also noted that $1.3 billion will be allocated for education from the state budget this year.
Gregory Jedrzejczak said the project will help reforms in education sector.
According to him, the project comprises a broad spectrum of activities, which promotes the objectives of improved educational quality, equity in access to education, and the efficient use of available resources in the education sector.
The 2003-2013 project includes Curriculum Development, Teacher Development, Rationalization & School Improvement and other components.