Deputy minister: Azerbaijan, WB implement 50 projects worth $4B

By  Trend

Azerbaijan and the World Bank (WB) have implemented about 50 projects worth over $4 billion since the beginning of the 1990s, which testifies to the successful bilateral cooperation, Azerbaijani Deputy Economy Minister Sevinj Hasanova said.

Hasanova made the remarks at the forum in Baku entitled "Diversification of economy - role of private sector", Trend reports on March 6.

“WB rendered comprehensive support at different stages of the country's economic development,” she said.

"This international organization took part in addressing the social issues, in particular, the issues related to the water supply of Baku city, as well as districts, human capital development, education, medicine, as well as implementation of reforms aimed at reducing poverty,” Hasanova added.

“The big transport, agricultural projects, as well as infrastructure projects were implemented through WB’s support especially during 2016-2018,” she said.

Hasanova stressed that it is very important that the WB rendered initial support for the implementation of the large-scale "Southern Gas Corridor" project, initiated by the Azerbaijani government.

“Presently, important steps are being taken in Azerbaijan aimed at developing the business sphere, diversifying the economy, creating an innovation ecosystem, developing human capital and achieving transparency in all sectors of the economy,” she said.

"All these steps today are systemic and are regulated by the state,” Hasanova said. “As a result of carrying out the thought-out macroeconomic policy, inflation reached 2.3 percent in 2018 and the volume of currencies of strategic importance increased.”

“Taking into account that the development of the private sector remains a priority direction of the state policy, one of the most important tasks is the creation of a healthy competitive sphere and the development of new mechanisms to improve the optimal business sphere in Azerbaijan," she said.

“Enhancing the transparency in the economy, the creation of clusters, the corresponding ecosystem may greatly enhance the capabilities of the private sector,” Hasanova said. “There are positive results in this sphere as a result of the reforms carried out in the country.”

"In the Doing Business report, Azerbaijan was recognized as the most active country in carrying out the reforms,” she said. “According to the report, Azerbaijan advanced 32 spots, retaining leadership among the CIS countries and ranking 25th in the overall rating. All these achievements are the result of competent state policy and transformations in different segments of the national economy."

The forum entitled "Diversification of economy - role of private sector" is being held in Baku on March 6. The representatives of the World Bank, the Central Bank of Azerbaijan, the Ministry of Economy, the Ministry of Taxes and other structures are taking part in the event.

The forum participants are discussing sustainable reforms being carried out in Azerbaijan, the expansion of digital payments, the development of small and medium-sized businesses, the fight against informal employment, the shadow economy and other issues.