Baku, Fineko/abc.az. The loan agreement with the International Bank for Reconstruction and Development (IBRD) and the agreement with the International Development Association (IDA) on additional financing for Azerbaijani Judicial Modernization Project (JMP) signed on 22 November 2011 were approved by Decree #6s of the Cabinet Ministers on 17 January.

Under Cabinet’s Decree, the Ministries of Finance, of Economic Development and of Justice are committed to take measures on realization of the agreements.

The Ministries of Economic Development and of Justice are tasked to organize provision of state guarantees for the project. The Ministry of Foreign Affairs is instructed to inform the IBRD and the IDA on the completion of internal procedures on approval of the agreements.

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

By its decision $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.

30.01.2012 14:53