Azerbaijan- Absheron Rehabilitation Program (ARP) III: Large Scale Oil Polluted Land Cleanup (S) Project

WASHINGTON, June 17, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

IBRD Loan: US$60.0 Million

TERMS: Maturity = 17 year; Grace Period = 4 years

PROJECT DESCRIPTION: The ARP III Large-Scale Oil Polluted Land Cleanup Project will support the State Environment Program to curtail environmental degradation in the Absheron Peninsula, by improving: (i) the State Oil Company of Azerbaijan Republic's capacity and effectiveness in environmental management and in cleaning up of oil-polluted land in the Absheron Peninsula, and (ii) the quality of soil conditions in oil-polluted lands cleaned up under the project.

For more information, please call Michael Jones (202) 473-2588 or e-mail here at mjones2@worldbank.org.