World Bank approves loans to Kazakhstan and Azerbaijan.

26/5 Tass 60

WASHINGTON, May 26 (Itar-Tass) - The World Bank's Board of Directors
on Tuesday approved loans to Kazakhstan and Azerbaijan to finance
anti-crisis and infrastructure projects.
The credit tranches will amount to one billion and 171.6 million U.S.
dollars, respectively, the Bank said in its statement.
According to the statement, the fact that Bank is lending money to
Kazakhstan proves its confidence in the country's current economic policy
and reforms.
The loan will be used to repay the budget deficit, to sustain economic
growth and to fulfil social obligations, Kazakhstan's Finance Minister
Bolat Zhamishev said. In all, the World Bank has allocated more than 6.2
billion U.S. dollars, the new 25-year loan included, to Kazakhstan since
1992.
As for Azerbaijan, the World Bank loan will help the country's
authorities to realize a motor road construction project. The loan will be
issued for the term of 17 years with a four-year grace period.
The World Bank also said it was ready to issue a two-million U.S.
dollar grant to Tajikistan to modernize its educational system.
Financial aid to Tajikistan will be rendered under a new cooperation
strategy. The new three-year program will be aimed to help the country
overcome consequences of the global economic recession, the Bank's
statement said.
-0-ras/gor