WB to provide loans to Azerbaijan on preferential terms

The World Bank may apply a preferential interest rate on loans to Azerbaijan until July 1, 2023, the WB Azerbaijan Office told Report.

The World Bank applies special lending conditions for countries affected by conflicts. These conditions include the application of incentives for interest rates on loans. The list of countries affected by conflicts is updated annually on July 1.

After Azerbaijan’s victory in the Patriotic War in November 2020, the World Bank made a similar decision regarding the country. The reason for including Azerbaijan in this list was that the ratio of human losses to the total population as a result of the direct impact of the conflict exceeded the established limit.

Preferential conditions will be valid until June 30, 2023.

Azerbaijan has been a member of the World Bank since 1992. Over the past 30 years, the financial institution has provided more than $4 billion in loans for more than 50 projects implemented by Azerbaijan.