World Bank, Azerbaijan sign a 29mn-loan agreement

The agreement was signed by Azerbaijan's Agriculture Minister Ismat Abbasov and the Country Manager for Azerbaijan Gregory Jedrzejczak.

Jedrzejczak said the total cost of the project is $58mn- $30mn loans of the WB, $1.6mn-grant by Japan, the rest by Azerbaijani Government. The maturity of the credit is 35 years and grace period is 10 years, annual rate interest is 0.75% according to the terms of the International Development Association (IDA).

Gregory Jedrzejczak said there are some project components.

The main objective of the project ADCP-II is to enhance the access of farmers and small and medium rural enterprises to rural business and agricultural support services including financial, advisory and veterinary services and to stimulate market-oriented investments in rural areas.

Ismat Abbasov expressed his satisfaction with the program. "The portion of Azerbaijan is rising in the projects year by year. The Government's portion is $7.8mn in this project."

He also said the project will be implemented from next year and will cover all regions of Azerbaijan, APA informs.