Azerbaijan, World Bank mull joint projects implementation

By Azernews

By Ayya Lmahamad

Azerbaijan's Prime Minister Ali Asadov and the World Bank Regional Director for the South Caucasus Sebastian Molineus have discussed the recent projects jointly implemented in various directions.

During the meeting, the parties discussed the ongoing economic, structural and institutional reforms in Azerbaijan. They also addressed measures on diversifying the economy, developing the non-oil sector and increasing competitiveness.

The sides highly appreciated the World Bank's support for Azerbaijan in these areas.

Moreover, they reviewed issues on Azerbaijan's development priorities, the World Bank's support for the 'Socio-Economic Development Strategy for 2022-2026', the bank's project portfolio in the country and its participation in the restoration of liberated territories. Partnership prospects in various fields have also been discussed.

Sebastian Molineus also held a meeting with Azerbaijan's Economy Minister Mikayil Jabbarov.

"During the meeting with the World Bank Regional Director for the South Caucasus Sebastian Molineus and his colleagues, we discussed socio-economic development of our country, the implementation of joint projects and the possible impact of regional processes on the Azerbaijani economy," the minister wrote on his official Twitter page.

It should be noted that 2022 marks the 30th anniversary of establishing partnership between Azerbaijan and the World Bank.

Azerbaijan joined the World Bank in 1992. The Bank began economic cooperation with Azerbaijan to assist in the development of institutional capacity and the efficient management of oil reserves. The World Bank has consistently backed Azerbaijan's large-scale reforms.