Azerbaijan continues cooperation with World Bank

The Azerbaijani government is confident in the continuation of effective cooperation with the World Bank (WB), Deputy Prime Minister Abid Sharifov said during a speech at a reception on the occasion of the 20th anniversary of Azerbaijan's membership in the World Bank.

"The World Bank has played an important role in the economic success of Azerbaijan during the past 20 years in the frame of 56 joint projects worth $3.4 billion. During this period, the World Bank granted $42 million to Azerbaijan, which was sent to the preparation of projects, feasibility studies, training and etc.," Sharifov said.

He noted that the bank granted about 40 percent of loans to Azerbaijan through the International Development Association, ie, on very favorable terms Chairman of the Central Bank of Azerbaijan Elman Rustamov said currently Azerbaijan and the World Bank has 20 active projects. "Azerbaijan is the third borrower of the bank in the South Caucasus and Central Asia," Rustamov said.

According to World Bank Country Manager for Azerbaijan Larisa Leshchenko, Azerbaijan has achieved impressive economic success for 20 years, but the country still faces the task of diversifying the economy, improving the use of oil revenues, and the World Bank is ready to assist the country in addressing these issues.

Turkey Director of the World Bank Martin Raiser said per capita income in the country rose by more than 20 times since the beginning of cooperation between Azerbaijan and the bank in 1992.

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