World Bank provides $30 mln loan to Azerbaijan
2012-07-11 10:44:34
Funding was approved by the organisation’s Board of Directors on July 5.
The World Bank has allocated 30 million US dollars for implementing the second phase of Azerbaijan’s Rural Investment Project, according to Xinhua. The total cost of the project, whose goal is to develop rural communities in Azerbaijan and solve their problems, including the expansion of economic activity in the agricultural sector, amounts to 53.6 million US dollars. 23.6 million US dollars out of this amount will be allocated by the Government of Azerbaijan. The World Bank noted that today, almost half of Azerbaijan’s population and about 40% of the country’s work force live in rural areas.