Azerbaijan refuses WB loan

Azerbaijan refuses WB loan The Azerbaijani government has refused to use the remaining part of the loan for the IDP Living Standards and Livelihoods project, so the completion date of the project has been postponed from December 31, 2020 to the end of this year.
Finance
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December 12, 2019 17:08
Azerbaijan refuses WB loan

The Azerbaijani government has refused to use the remaining part of the loan for the IDP Living Standards and Livelihoods project, so the completion date of the project has been postponed from December 31, 2020 to the end of this year.

Report informs, citing the World Bank that upon the request of the Azerbaijani side the WB cancelled the payment of $51.196 million – a bigger part of the loan.

“Funding for further work after the suspension of the project will be carried out from the Azerbaijani state budget,” the bank said in a statement.

The Azerbaijani government in January 2019 appealed to WB with a request to suspend the project and return the remaining sum of the loan.

Meanwhile, the WB clarified the scope of work that was to be completed as part of the loan, taking into account the expected cancellation of part of the loan.

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