| WASHINGTON, June 10, 2004—The following project was approved today by the World Bank’s Board:
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CREDIT AMOUNT: US$10.0 Million
TERMS: Grace period = 10 years; Maturity = 35 years
PROJECT DESCRIPTION: This project will assist the Government to better administer social protection programs, make the pension system more sustainable and build capacity to better target social assistance benefits to the most vulnerable groups. The social protection system in Azerbaijan comprises a range of benefits within the social insurance and social assistance systems with annual public spending on those benefits averaging 5-6 percent of GDP. By the time the project is completed, the Government will have set capacity to effectively deliver targeted social assistance benefits to eligible families, administer the pensions which includes efficient and effective management of revenues and expenditures, as well as pension policy planning by the State Social Protection Fund. For more information, please call Miriam Van Dyck at (202) 458-2931 or e-mail mvandyck@worldbank.org For project information documents, please visit:
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