TODAY.AZ / Business

World Bank will allocate credits to Azerbaijan through various sources within next two years

08 July 2006 [23:28] - TODAY.AZ
World Bank is expected to finance projects and programs in Azerbaijan through various preferential and a bit severer sources within the forthcoming two fiscal years.

WB Office in Azerbaijan told APA that fiscal year of 2007 started from July 1 and will finish on June 30 next year.

WB will allocate means to financing of social projects through preferential sources and to other sphere through a bit severer sources.

So, International Development Association allows credits for 35-40 years (annual interest rate 0.75%) and International Reconstruction and Development Bank allows credits for 12-15 years (annual LIBOR +2%).

Over $1bn has been allocated to Azerbaijan through WB since 1992.


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