WB provides oversight for funds issued to Azerbaijan

The World Bank (WB) shows good results from mastering the funds allocated to the projects in Azerbaijan, head of the bank's representative office in Azerbaijan Larisa Leshchenko told media on Wednesday.

"We have very good news on mastering," she said. "We started actively mastering the allocated funds. Azerbaijan's indices improved compared to the countries of Eastern Europe and the former Soviet Union. This occurs thanks to the work conducted by the bank and the government for the last two years. We are on the right path now."

She said that, at present, the bank operates to prepare new projects together with the government and to improve the work within the existing project portfolio.

"At a certain point, many projects were approved," she said. "Much money was allocated. We are committed to improve the work within the projects already approved. We have projects that have shown good results, but some must be reviewed to see how best to use existing resources. Promising areas for new projects are agriculture, education, health care, and alternative energy sources. But it is too early to talk about specific projects."

She said that the bank is assessing the Country Partnership Strategy Progress Report for the previous two years within a four-year strategy and clarifying the program for the next two years.

"I believe that we will complete the work within one or two months," Leshchenko said.

The current strategy of cooperation with Azerbaijan is designed for 2011-2014. The strategy is based on such priorities as strengthening the non-oil sector of the economy, including infrastructure development and agriculture.

Moreover, bank activity will also focus on social services, including health, education, social protection and water supply.

The World Bank has financed 43 projects in various sectors of the economy for a total of $3.1 billion in loans and grants from the International Development Association (IDA), and loans from the International Bank for Reconstruction and Development (IBRD) since 1992.

About 75 percent of funding fell to two main areas - transport (48 percent), and water and sewerage services (21 percent).

More than 59 percent of the currently active WB portfolio in Azerbaijan falls to transportation, 23 percent - water sector, five percent - agriculture, fisheries and forestry, and five percent - public administration, law and justice.


/Trend/