WASHINGTON (XINHUA)–The World Bank today approved a 70 million US dollar credit to help strengthen the government’s economic reform program in Azerbaijan.
The credit–which will be financed by funds from the International Development Association (IDA)–the World Bank’s concessional lending wing–will support the country’s economic recovery while helping to introduce greater competition and flexibility to the economy–and to enhance the further development of the private sector–especially in the non-oil sectors.
The credit will be disbursed in two equal tranches and will be on standard IDA terms with a maturity of 35 years–including a 10-year grace period.
Since joining the World Bank in 1992–and the IDA in 1995–Azerbaijan has obtained some 270 million dollars equivalent in IDA commitmen’s for seven projects in the country.
