Azerbaijan declared WB's largest borrower

The World Bank Group extended loans, credits, grants, equity investments, and guarantees totaling nearly US$8 billion to Central Asia this fiscal year that came to an end on June 30, 2008.
This is a 33% increase billion over the previous year, demonstrating the institution’s increasing role in the region.

During the fiscal year, $489 million went to effective governance, $479 million to construction of road infrastructure, $424 million to trade and $405 million to construction of railways.

Azerbaijan ($1.267 billion) was one of the largest borrowers that fiscal year, followed by Turkey ($1.203 billion) and Ukraine ($690 million).

Besides, Uzbekistan borrowed $68 million, Georgia $58 million, Kyrgyzstan $31 million and Moldova $30 million from the World Bank during that fiscal year.

/APA/