WB gives a $150 million loan to Azerbaijan


June 22, Fineko/abc.az. Azerbaijan and the WB have signed loan agreements for $150 million.

ABC.AZ informs with reference to news agency Interfax that according to the agreement, the employment program will be expanded and will be supported by the development of the justice system. The Ministry of Labor of Azerbaijan estimates the amount of funding for the self-employment program for 2020 at AZN 63 million ($37 million at the current exchange rate).

In addition, the WB approved a $50 million loan to Azerbaijan on 26 March 2020 for further reforms in the justice system. The loan funds are given for 11.5 years, including 4-year grace term.

The total cost of the project to be implemented for 4 years is $70 million, including a $50 million WB loan and another $20 million is Azerbaijani government’s stake, will be used in several areas: improvement of the provision of justice services; strengthening institutional capacity, efficiency, monitoring and evaluation; application of transformative (advanced) technologies on the pilot basis; management and coordination of the project.