Azerbaijan spends almost 70% of WB loans

Azerbaijani government spent 69.1 percent, or $2581.9 million, of the long-term loans allocated by the World Bank (WB) as of Jan. 1, 2016, said a report on the work of the Cabinet of Ministers in 2015.

The report will be discussed by the country’s parliament March 15.

In 2015, the government spent $284.1 million of the WB loans.

Azerbaijan and the WB have signed agreements worth $3739.02 million since the start of their cooperation.

“Implementation of 38 projects, worth $1752.26 million, have already been completed, while the implementation of 12 projects, worth $1986.76 million, is continuing,” read the report.

Azerbaijan has repaid almost 15.2 percent, or $567.8 million, of the debt to the WB, according to the report.

The country joined the WB in 1992.

Source: Trend