Baku, August 16 (AzerTAc). The preparatory work has been completed within the second phase of the World Bank project on “Azerbaijan Rural Investment” (AzRIP), Azerbaijani Agriculture Minister Ismat Abbasov said at a meeting with Head of the WB Baku Office Joseph Owen.
“AzRIP project`s successful results provide the basis for its implementation,” Abbasov said. “An agreement on additional funding for this project has been successfully executed.”
The loan agreement on the AzRIP project was signed on September 23, 2004 and took effect on December 29 the same year. The implementation is scheduled for 2012.
“The project implementation promotes the development of infrastructure in rural areas, improves the local population`s living standards and reduces migration on the spot,” Abbasov said.
He also expressed confidence in further cooperation between Azerbaijan and the WB.
The WB also continues implementing the second phase of the adapted development and agricultural lending program in Azerbaijan.