Agricultural mission of WB came for ten-day visit

As APA informs, the mission will stay in Azerbaijan till April 14. The mission will have meetings with the Ministry of Agriculture, State Agency for Agricultural Crediting, and government during the visit.

The mission will also discuss II phase of the Agricultural development and crediting project with the government. It was noted from the WB's Baku Office that preparatory works on the project would be completed by the end of April and the project was expected to be approved by the Board of Directors of the Bank by the end of June.

The Agricultural development and crediting project has been implemented since 2000. $30 million credit was provided for I phase of the project. One part of loans for II phase will be allocated under the terms of the International Development Association (IDA, WB Group member), and another part under the terms of the International bank for Reconstruction and Development (IBRD, WB Group member).

Credit granted under the IDA terms will be extended for 35 years with first 10 years of grace period with 0.75% per annum, and loan under the IBRD terms for 20 years with first 5-8 years of grace period with LIBOR+0.5% per annum.