BAKU, Azerbaijan, September 19. Azerbaijan has received a grant from the International Bank for Reconstruction and Development, a key institution of the World Bank, in the amount of $2 million under the Grant Facility for Project Preparation mechanism, Trend reports via the World Bank.
According to the Bank's relevant documents, the grant is intended to finance project preparation activities, the implementation of which will significantly improve the sustainability and safety of Baku's urban environment in the future.
The information indicates that the funds will be used to prepare a project aimed at improving the quality and resilience of urban infrastructure, public spaces, and buildings in Baku to natural disasters and climate change.
Moreover, it is noted that the grant is provided from funds accumulated in the relevant trust fund, and its allocation does not imply an automatic obligation on the part of the World Bank to subsequently finance the main project.
“The preparatory phase, financed by the grant, is expected to lay the foundation for further investment in the development of Baku's urban infrastructure, taking into account current environmental and climate challenges,” the document says.