TODAY.AZ / Business

ADB might freeze talks with Azerbaijan on Under-age Children Development Project

26 August 2006 [10:40] - TODAY.AZ
Unless the Government of Azerbaijan authorize the working group on Under-age Children Development Project to conduct negotiations, Asian Development Bank will freeze loan-talks with the Government.

As APA informs, ADP ordered the Government to authorize the group, but Finance Ministry refused to give positive requirement. "If the negotiations are not held in October ADB will not be able to ratify the project in time."

The source says the project must be implemented till November. Because, ADB Board of Directors will consider the issue on funds allocated to Azerbaijan in 2006. If the credit agreement is not concluded by this time ADB will have to annul the project.
Finance Ministry thinks the Government does not need ADB credit and can implement the project with its domestic resources. However, there is no final decision and consultings are being held with ADB.

ADB is ready to allocate $20,000 as credit for the project. The credit is granted for 32 years with one percent credit interest. Credit facility will be granted for first eight years. After this period the interest will rise to 1.5 percent. The implementation term of the project is for five years.

URL: http://www.today.az/news/business/29407.html

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