Baku, 19 November 2021 (TDI): Today, the economy minister for Azerbaijan, Mikayil Jabbarov, linked with Anna Bjerde, World Bank Vice President for Europe and Central Asia. Both parties participated in a productive discussion about economic reforms in Azerbaijan and World Bank’s cooperation.
MEETING BETWEEN REPRESENTATIVES OF AZERBAIJAN AND WORLD BANK
Minister Jabbarov praised and appreciated the World Bank’s assistance, technically and financially, in Azerbaijan’s economy. He noted that Azerbaijan holds a partnership with international financial organizations in great esteem, and is grateful for their support.
In particular, he offered thanks to the World Bank. Jabbarov further highlighted that collaboration between both parties is of utmost significance to Azerbaijan if it is to develop economically in line with modern international standards. This cooperation with the World Bank will be necessary to be implemented in various fields, such as economy, education, health, etc.
Minister Jabbarov and Vice President Bjerde targeted most of their discussion on strategies that both could use to bring variety to and diversify, the Azerbaijani economy. Specifically, they both felt that the non-oil sector should be a priority to develop and alternatives to oil the need to assess and use them on a greater scale.
In addition, investment into new projects and ventures should be encouraged and promoted to improve the business environment in the country; and also encourage competitive practices. Bjerde saluted World Bank’s meaningful coordination with Azerbaijan’s government. She then added that the WB looks forward to keeping strengthening its cooperation with the government.
BJERDE SUGGESTIONS
Bjerde remarked that the WB desires to bring the experience and expertise of the organization to support Azerbaijan’s development goals. She also suggested new avenues of effective cooperation for both parties.
In the past, the Republic of Azerbaijan has collaborated with the World Bank in a multitude of areas to improve the standard of living and build a better economic system. New projects are continuously taking place.
AGREEMENT TO ESTABLISH OFFICES
According to the WB, on the 18th, the organization and the delegation of Azerbaijan signed an agreement on Establishing and Operation of Offices. According to the World Bank, the agreement will facilitate the work of the Group in the country. The Minister of Finances, Samir Sharifov, and the Vice President of the World Bank signed the agreement.
The Prime Minister, Ali Asadov, and the Governor of the Central Bank of Azerbaijan Elman Rustamov were also present. Asadov remarked that their partnership has enabled Azerbaijan to make the transition from a lower-income country; to be a donor of the International Development Organization.
PARTNERSHIP WITH THE ORGANIZATION
According to the organization, the World Bank has financed over 50 projects; and has commitments of over 4 billion in Azerbaijan. The priorities of those projects include building human capital, investing in rural development, and increasing agricultural efficiency.
Another priority is to support displaced persons, among others. Azerbaijan joined the World Bank in 1992, next year will mark the 30th anniversary of its membership.
