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World Bank to extend $25 million to Azerbaijan
Baku . (Interfax) - Azerbaijan and the World Bank signed an agreement last Thursday on extending two loans worth a total of $25 million to finance projects in pension reform and agricultural development.
World Bank Regional Director for the South Caucasus Donna Dowsett- Coirolo said during the signing ceremony that both projects are directed at reducing poverty and supporting economic development in Azerbaijan.
The World Bank plans to extend $15 million to Azerbaijan under a program for agricultural investments. The 35-year loan with a ten-year grace period will be extended at 0.75% annually. The credit agreement was signed by Azerbaijan 's First Deputy Prime Minister Abbas Abbasov and Dowsett-Coirolo.
The total cost of the project is $21.1 million, Abbasov said. It is expected that in addition to the World Bank, the Japanese government will extend $3.3 million, Azerbaijan will extend $1.35 million and "another $1.45 million will be allocated by the farmers themselves," Abbasov said.
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