Azerbaijan may collect its first ever loan from the World Bank?s International Bank for Reconstruction and Development. Ahmed Jehani, the World Bank's Country Manager for Azerbaijan, hinted that the lender is apt to endorse a $48-million loan package that will fund the modernization of the country?s power transmission network. In addition, the oil-rich former Soviet republic could get the first slice of the Poverty Reduction Support Credit worth $20 million. The assistance will be a first of its type on IBRD terms for the agency?s 2003-2005 program for Azerbaijan.
Source: World Bank may lend $68m to Azerbaijan (UPI)