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 Press release - World Bank To Support Reconstruction Efforts In Azerbaijan (WB)

 Press release date: 01.07.1998

  FOR IMMEDIATE RELEASE 
The World Bank

News Release No. 98/1861/ECA

Contact: Marjorie Robertson (202) 458-8408
Internet: Mroberston@worldbank.org

WORLD BANK TO SUPPORT RECONSTRUCTION EFFORTS IN AZERBAIJAN

WASHINGTON, July 2, 1998- The World Bank today approved an US$20 million equivalent (SDR 14.9 million) Pilot Reconstruction Project credit to Azerbaijan to assist in the repatriation of internally displaced people (IDPs) as a result of the Nagorno-Karabakh conflict, and to raise their standard of living.

The project consists of the following six components:

  • Relocation (US$1.8 million) and the voluntary resettlement of IDPs;
  • Reconstruction and repair of housing (US$14 million);
  • Income generation (US$10.9 million) will support the creation of employment and raise incomes;
  • Health and education (US$5.1 million) includes the rehabilitation of health care facilities and schools;
  • Infrastructure and energy (US$14.5 million) will reconstruct and repair infrastructure, power transmission, and distribution; and
  • Institutional support (US$5.3 million) will support the agencies that manage the rehabilitation of IDPs, demining efforts, and the reconstruction of areas affected by the Nagorno-Karabakh conflict.

The total cost of the project is US$54.2 million, including contingencies. The IDA credit will be disbursed on standard IDA terms with a maturity of 35 years, including a 10-year grace period. Since it joined the World Bank in 1992 and IDA in 1995, Azerbaijan has received approximately US$310 million equivalent for 9 projects.

Financing Plan US$ millions
Government of Azerbaijan 9.4
UNDP 3.2
UNHCR 12.1
European Union 9.5
IDA 20
Total 54.2


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