Azerbaijan, Baku, April 14 / Trend , N.Ismayilova/
Azerbaijani President Ilham Aliyev approved the signing of a loan agreement on the World Bank's Azerbaijan Rural Investment Project (AzRIP), WB Baku office representative Gregori Yedzherchak said.
"This is one of the key projects, as it is financed by standards of the International Development Association (IDA). WB Board of Directors is interesting the reasons of delay in the delivery of credits, because they are limited and many other countries are interested in getting credits," Yedzherchak said.
The delay in the project will not affect the implementation of WB other projects in Azerbaijan.
Project's total cost is $20 million, out of which $15 million wil be paid by WB and $5 million - by the Azerbaijani government.
The AzRIP project covered 21 regions from Nakhchivan Autonomous Republic, Shirvan and Mugan-Salyan regions.
This will be the WB's last lax loan to develop agriculture in Azerbaijan. A loan agreement on the AzRIP project was signed on Sept. 23 in 2004 and came to power on Dec. 29 in the same year. The project costs $21.1 million. A total of $15 million falls to loan of the International Development Association, $3.3 million - grant of the Japan government and the remained part - $1.250 million to the Azerbaijani government and beneficiaries (communities). The project will finish by March 2012.
The IDA is the UN specialized department, which enters the WB group. This department was established with Azerbaijan aim to issue interest-free loan to developing members in 1960. IDA has 165 members.
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