The World Bank recently allocated $150 million for two projects being undertaken in Azerbaijan by the International Bank for Reconstruction and Development (IBRD).
The World Bank board of directors approved a loan of $100 million to support the Judicial Services & Smart Infrastructure Project (JSSIP) and a $50 million loan to support the Azerbaijan Rural Investment Project (AzRIP), ABC.az reports.
Financing for JSSIP will be provided for 15 years, with 3 years of installment payments, while funding for AzRIP will be given for 16 years, with a 4-year grace period.
The JSSIP builds on the current Judicial Modernization Project and is designed to improve access, transparency and efficiency of certain judicial services, while the ongoing AzRIP helps rural communities to support small-scale infrastructure and income-generating activities, according to ABC.az.
The government of Azerbaijan will allocate $100 million for JSSIP and $30 million for azRIP.
Since joining the World Bank in 1992, Azerbaijan has received more than $3 billion for 54 projects.
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