Azerbaijan and WB sign new loan agreement

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BAKU, Azerbaijan, October 27

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The Azerbaijani government and the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group (WB), signed a loan agreement worth $ 65 million on October 27, Trend reports citing the Azerbaijani Ministry of Finance.

The document was signed by Azerbaijani Minister of Finance Samir Sharifov and World Bank Regional Director for Azerbaijan Sarah Michael.

According to the Ministry of Finance, the loan funds will be used to reconstruct the Yenikand-Bilasuvar section of the Alat-Astara state border with Iran, create a model to ensure the efficiency and safety of this road. , improve the quality of the new service route, manage logistics and market infrastructure in the territories it crosses and other types of technical assistance.

“The implementation of the project will ensure safe and efficient transport to Salyan-Bilasuvar in southern Azerbaijan and improve market access. People living along this route will have access to improved road infrastructure, economic opportunities and key service facilities, ”the message said.

Azerbaijan has been cooperating with the WB since 1992. During this period, the bank allocated a total of $ 4 billion for projects implemented by Azerbaijan.


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