Azerbaijan ranks third for volume of operations with WB in Europe and Central Asia

"Today Azerbaijan has already completed realization of 26 projects for financing of which the Bank has allocated $585 million. Currently 24 projects worth 2.022 billion are under implementation,” Sharifov said.

The Bank issued 54 percent of funds for transport sector, 22 per cent - water supply and sewerage system, 8 percent - environmental protection, 7 percent - social sector, 4 percent - institution building and three percent for the education and agriculture.

"In recent years the World Bank portfolio in Azerbaijan has more than doubled, and the country has successfully implemented funding from the International Bank for Reconstruction and Development,” the vice prime minister said.

Under the current strategy on bank operations in the country, it was decided to allocate more than $200 million to finance road construction and to boost capacity in formulating public investment programs in 2009.

"Currently Azerbaijan has the third largest WB portfolio in Europe and Central Asia after Turkey and Kazakhstan,” Sharifov said.

“It is not surprising that the government consultations on the definition of long-term prospects of socio-economic development of Azerbaijan is being held with high-rank WB officials,” he said.

/Trend Capital/