Azerbaijan to be withdrawn from WB list of poor countries

Azerbaijan will be withdrawn from the list of poor countries, financed under the terms of the International Development Association, a department of the World Bank, as reported by the vice president of WB on Europe and Central Asia Shigeo Katsu during a press conference today.

"IDA finances poor countries, but Azerbaijan is now considered a developing country with a moderate per capita income. In this sense, the terms of crediting will be toughened. Azerbaijan might even add to the list of IDA donor -countries in the near future", he announced.

He said the current financial year, which will end in June of 2008, is the last one for  issuing credits under IDA terms.

Notably, the IDA credit are usually issued at 0.75% annyally for a term of 35  years with a ten-year period of grace.

Thus, by the end of the financial year, the Board of Directors will approve the assignment of $130,000,000 for implementation of 6 projects including in the sphere of social insurance, education, water infrastructure, assistance to refugees and IDP and others among them.

/Day.Az/