PMFORUM Breaking News

"The World Bank Board of Directors has endorsed a decision on extending loans totaling $476 million to Azerbaijan. The World Bank will lend $450 million to Azerbaijan to improve its rail infrastructure, $15 million to finance the Azerbaijan Rural Investment Project (AZRIP), and $11 million to help the country switch to international accounting standards, a Bank spokesperson told Interfax. ..." [Russia & CIS Business and Financial Newswire (03/29)/Factiva]

Azer-Press writes that the first loan "...for Rail Trade and Transport Facilitation Project aims to improve railway services in Azerbaijan, as well as the competitiveness, financial sustainability, operating and cost efficiency, and capacity of Azerbaijan Railway in particular along the transport corridor toward Georgia... The main aim of the [second] project is to strengthen accountability and transparency in financial reporting for the public and corporate sectors in line with international best practices. ...

The third project ... [aims] to scale up assistance to households in rural communities-completing micro-project investments-to achieve improved living standards through improved access to infrastructure services." [Azer-Press (03/29)/Factiva]

ABC.AZ Daily News adds that "...Due to approval of these projects the World Bank Group has increased its portfolio on Azerbaijani from $1.072 billion up to $1.548 billion." [ABC.AZ Daily News (03/29)/Factiva]

Source: World Bank Press Review, March 31, 2008