WB to support employment program in Azerbaijan - agreement signed

22.06.2020,16:17


June 22, Fineko/abc.az. Azerbaijan and the World Bank have signed loan agreements for $150 million on the implementation of two projects.

ABC.AZ informs with reference to news agency Interfax that this was reported in the Baku-based WB representative office.

"The agreements were signed in mid-June and provide for giving of loans from the Bank in the amount of $150 million for the expansion of the self-employment program and development of the justice system," the WB representative office said.

On 5 March 2020 the WB approved the allocation of a $100 million loan to Azerbaijan for financing an employment support project. The loan funds are allocated for 14 years, including a 4-year grace period, the Bank said in a statement.

The goal of the 5-year project is to help the most vulnerable segments of the Azerbaijani population get a job and promote self-employment opportunities in the labor markets. The project is designed for women, youth, people with low levels of education and internally displaced persons in the country.