WB viewing implementation of rail, agrarian projects in Azerbaijan

A mission of the World Bank (WB) has arrived in Baku to get acquainted with progress on the Rail Trade and Transport Facilitation Project, the WB Baku office told Trend.

The mission is headed by Jacques Bure.

This is a regular mission and it will be in Baku until the end of the week, said the WB office.

Trend was told that during this period, experts plan to familiarize with the implementation of the rail project of WB in Azerbaijan.

The WB project supports the implementation of program of development of Azerbaijani railways, aimed at improving railway services in the country, developing trade and attracting transit cargo between Europe and Central Asia.

The initial amount of WB financing for this project was $450 million, with a total cost of $795 million. In June 2013, the WB Board of Directors approved additional funding worth $220 million, which is aimed at upgrading the signaling, centralization and blocking system for the East-West corridor on the section from Baku to the border with Georgia.

Meanwhile, a review mission on implementation of the Second Azerbaijan Rural Investment Project (AzRIP-2) arrived in Baku on Sept. 25. The mission led by Satoshi Ishihara will also be in Baku until the end of this week.

Implementation of the second phase of agricultural investment project started in 2012. The project’s cost is $53.6 million, and additional $50 million were allocated in 2014 as part of additional financing. It is estimated that 1,270 micro projects will be implemented as part of the project, and about 3.5 million people will be beneficiaries of the AzRIP-2 project.

This project was created on the basis of results of the first phase, which increased the income of 600,000 farmers, improved irrigation services for 700,000 people and provided 150 rural residents with safe drinking water. The project covers five main zones – Shirvan Plain, Mugan-Salyan, Nakhchivan, northern and northwestern zones.

Azerbaijan joined the World Bank Group in 1992.

In total, the WB allocated about $3.5 billion for implementation of more than 50 projects in Azerbaijan. The International Finance Corporation (IFC), which is also a part of the WB Group, issued loans for Azerbaijan in the amount of $470 million for implementation of 56 projects.

News.Az

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