WB, Azerbaijan to sign agreement on allocation $42 million of additional financing

Baku, Azerbaijan, Jan. 10 By Emin Aliyev - Trend: The World Bank and Azerbaijani government are expected to sign an agreement on Jan.10 on allocation of additional financing in the amount of $42 million for a Solid Waste Management project in Azerbaijan, the bank's Baku Office told Trend today. "Additional resources are needed for continuing the work within the project," the office said. According to WB estimates, some 1.8 million tons of solid waste is generated in Greater Baku per year. The bank's experts assume the doubling of this figure in next 20 years due to demographic growth and increase of the income of agglomeration population. The project was approved by the WB Board of Directors in June 2008. Its implementation began in 2009. The total cost of the project amounted to $41.5 million, some $29.5 million was the share of WB loan and the remaining part was financed by the Azerbaijani government. The World Bank's investment portfolio in Azerbaijan consists of 17 projects. The bank has financed some 54 projects worth of over $3 billion since the country's accession to it. Translated by L.Z. Edited by C.N. Follow us on Twitter @TRENDNewsAgency