Educational project undertaken by Azerbaijan jointly with World Bank undergoes last audit

International audit company Baker Tilly Azerbaijan finished check of project "Development of education sector" implemented on basis of the credit agreement between the Azerbaijani government and the International Development Association (IDA).

“Auditors checked financial figures, flow of funds from special currency accounts and procedure of purchases. It is said in the report of auditors that sources of funds and use are reflected correctly in accordance with instructions of the World Bank (WB)," the Azerbaijani Education Ministry said.

Credit program "Development of education sector" has been implemented since 2003 and WB has provided $18 million in loan for the first stage (5 years) of the program.

The loan agreement between WB and the Azerbaijani government on agroindustrial complex was signed on Sept. 1, 2003.

Loan in the amount of $18 million was granted under the terms of IDA.

Share of the Azerbaijani government makes 2.80 million in the project and funds of the Soros Foundation - $0.18 million.

The first stage of Education System Development Strategy, designed for 2003-2013, will be implemented within the framework of the program.

The first stage is designed for 2003-2007, the second one - 2007-2010, the third stage - 2010-2013.

The bank is prepared to invest $61 million for 10 years of implementation of the program.

/Fineko/abc.az/