WB ready to discuss new areas of cooperation with Azerbaijan to ensure sustainable economic growth

World Bank (WB) Vice President for Europe and Central Asia Mr. Philippe Le Houérou, will travel to Azerbaijan from Sept. 13 to 15, the WB Baku office reported. The aim of his visit is to familiarize with recent economic and social developments in Azerbaijan and to discuss with the country's leadership, senior government officials, development partners, business community, and civil society the possible ways in which the World Bank can support sustainable economic growth and diversification, and human capital development in the country, the office's statement says.

"I am pleased to note that Azerbaijan has experienced unprecedented growth over the past few years which have led to a significant drop in poverty", said Le Houérou.

"The challenge now is to diversify the economy and promote non-oil exports so that Azerbaijan can progress to becoming a strong, upper middle-income country in the medium term."

While in Azerbaijan, Mr. Le Houérou will meet with Ilham Aliyev and senior Government officials and visit two projects supported by the World Bank - the Pension and Social Protection Project and the Judicial Modernization Project.

The World Bank presently finances 20 projects with commitments valued at around $ 2 billion covering investments in transport, water and sanitation, agriculture and irrigation, health and education among others.

"The World Bank's proposed new Country Partnership Strategy for Azerbaijan for 2011-2014 is expected to provide significant additional resources and advisory services to build a competitive non-oil economy and provide more effective social and municipal services," said Mr. Joseph Owen, the recently appointed World Bank Country Manager for Azerbaijan.


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