OREANDA-NEWS. December 15, 2009. Well-informed sources say that a project group set up in the Ministry of Education of Azerbaijan started its work.

“The project orients to ministries (for instance, the Ministry of Finance and the Ministry of Economic Development) and state-run companies (in particular, Azerenerji, Azersu and Melioration & Water Industry OJSC). The workgroup is now preparing a training program,” a source said.

The project is part of the WB project financing package for USD 183 million for Azerbaijan approved in Baku on 24 June 2009.

On 1 October of the year, education minister Misir Mardanov of Azerbaijan and WB regional director Assad Alam signed an agreement on the project.

WB endorsed a US8 million IDA loan for the “staff” project with period of 20 years and grace term of 10 years. The finances will be allocated through the International Development Association (IDA).

The total cost of the project is US10 million.

Out of the package endorsed on 24 June the WB Board of Directors signed earlier an agreement on Additional Financing for Second Highway Project.

The transport project financing will support rehabilitation of the Hajigabul – Bahramtepe road of 116 km and improvement of about 200 km of local roads.

The WB Board of Directors endorsed mixed financing in the total amount of US175 million – in accord with standards of the International Bank for Reconstruction & Development (IBRD) and the IDA. The IBRD is likely to finance US 113 million for 20-year term with 4-year grace period and IDA US 62 million for 20-year term with 10-year grace period.

Azerbaijan has been a WB member since 1992. For the period of cooperation the Bank has extended loans to the country amounting US 2,323.7 million for 45 projects. Now portfolio includes 47 projects for US 2,506.7 million.