Azerbaijan ranks 3rd in region for WB borrowing

The current portfolio of the World Bank (WB) in Azerbaijan is $2.2 billion for 18 projects, WB Baku Office Head Joseph Owen said at a business forum on the possible implementation of the international investment projects using the CEIBC in Azerbaijan.

"Azerbaijan has demonstrated high growth rates over the past 20 years, which led to the termination of allocating “easy money” to the country from the International Development Association (IDA), and this is a positive achievement for Azerbaijan,” Owen said.

He said Azerbaijan is ranked third among 13 countries in the region in terms of borrowing from the WB. Turkey and Kazakhstan are ranked firth and the second ($2.6 billion), respectively.

Most of the investment (about 22%) is directed to developing the transport sector, in particular, road construction and railway development.

In 2010, the WB approved a strategy for Azerbaijan for the next four years. Under the new strategy, the Bank will allocate $ 280 million to the country. In addition, the International Finance Corporation (IFC) will invest another $200 million.

Today, the Bank has already finished the preparation of new projects, such as support for reforms in the judiciary, implementation of the third irrigation project and capital market development.

In addition, preparations were launched on the project to improve the higher education system in the country.

"The WB focuses on two main elements when allocates funds for projects - development of non-oil sector and diversifying the economy, and improvement of the business environment. The WB is ready to further support the development of Azerbaijan,” Owen said.


/Trend/