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WB endorsed additional financing for modernization of judicial system of Azerbaijan

Baku, Fineko/abc.az. At night from 7 to 8 June (Baku time) the World Bank Board of Directors has approved additional funding for Azerbaijan Judicial Modernization Project (JMP).

The Bank reports that $9.2 million were granted as a loan on conditions of the International Development Association (IDA) and $ 24.2 million on conditions of the International Bank for Reconstruction & Development (IBRD). Given the government’s share ($28.3 million), the total additional funding for the project is $61.7 million. The project for Azerbaijan aims to support the Government of Azerbaijan’s efforts to develop the capacity of Azerbaijan’s judicial system to achieve incremental improvements in efficiency, citizen information and its ability to handle future demand.

The IDA finances were given for 20 years with a 10-year grace repayment period and IBRD finances for 20 years with a 5-year grace term. The funding will enable to continue the project of modernization of the judicial system of Azerbaijan, initiated in 2006.

 


08.06.2011 06:51


   
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