World Bank signs grant agreement with Azerpoct

The World Bank has signed grant agreement with Azerbaijani postal operator Azerpoct, the Ministry of Finance of Azerbaijan reported. The ministry said the grand amounted to $600,000, which will be allocated to the postal operator at no cost for implementation over the next three years.

The project consists of three components - the first is inspection carried out by an independent international audit company in the postal company on the basis of 2011-2012, the development of a new marketing strategy of the company and organization of trainings for operating personnel of postal operator. Technical specifications for all of the ingredients are prepared and agreed with both the Central Bank of Azerbaijan and the World Bank.

Technical assistance is allocated to Azerpoct for prolongation of the World Bank project Development of financial services in Azerbaijan. The total cost of the project, the main component of which is the modernization of the postal network of the country, amounted to $17.5 million, $12.25 million of which fall on WB loan, and the rest - the share of the Azerbaijani government.

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