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World Bank lines up four projects for Azerbaijan

The World Bank looks likely to approve funding for four projects in Azerbaijan in 2012.

"We are ready to submit four projects to the bank's Board of Directors," the World Bank Office in Baku said in a statement. "They concern assistance for the economic development of IDPs [internally displaced persons], a construction project for the discharge of waste water from Hovsan aeration station into the Caspian Sea, a campaign as part of phase three of the Azerbaijan rural investments (AzRIP) program and a program on agricultural development and lending."

The World Bank plans to earmark $30m to $50m for the AzRIP project and agricultural development and lending, and nearly $80m to $90m for the Hovsan waste water construction project.

The World Bank is lending a total of $50m to the project to assist the economic development of IDPs. The project is costing $74.5m overall with the Azerbaijani government paying 25% of the cost and tax expenses.

The World Bank portfolio in Azerbaijan consists of 20 projects with a total cost of $2.3bn. Azerbaijan has been cooperating with the World Bank since 1992. So far, the bank has provided $2.9bn to fund 43 projects.

Source: News.az

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