OREANDA-NEWS. On May 27, 2008 The World Bank approved a \\$26,7 million credit for the Social Protection Development Project, which aims at improving delivery of labor market and social protection interventions through strengthened institutions and improved targeting of social safety net programs, reported the press-centre of World Bank.
 
The primary target group for the project includes job seekers, young labor market participants, and youths choosing a career path, as well as very poor households, current and future pensioners, and people with disability in need of disability certification.  The project will also provide assistance to the reform of the pension system in Azerbaijan.
 
“This project continues and expands on excellent cooperation between the World Bank and the Government in addressing key social issues related to reducing poverty by the social targeted assistance and broader participation in the labor markets, as well as introducing a sustainable and efficient modern pension system,” said Gregory Jedrzejczak, World Bank Country Manager for Azerbaijan.
 
The Project aims to make improvements in four key areas:
 
Labor Market Reform.  The project will help to significantly improve labor market institutions, policies and programs and strengthen capacity for labor market and employment policy formulation and implementation. It will also finance the strengthening of job search and matching services, career counseling, and training programs.
 
CapacityBuildingand Social Safety Net Development.The project aims to assist in the modernization of the administration in the Ministry of Labor and Social Protection of the Population (MLSPP), and will support the introduction of monitoring and evaluation systems. It will also assist in the restructuring of the Disability Certification Service and the piloting of integrated provision of the social protection programs.
 
Pension System Development.The project will assist the Government in assessing the fiscal sustainability of the current pension system and assist in developing a strategy to ensure it is sustainable in the future.
 
Project Management. This component will strengthen MLSPP’s and State Social Protection Fund’s capacities to efficiently and effectively implement the Social Protection Development Project.
 
The credit will be offered on standard IDA terms with 35 years to maturity, including a ten year grace period. Azerbaijan joined the World Bank in 1992. Since then, commitments to the country total approximately \\$ 2,16 billion for 42 operations.