BAKU, Azerbaijan, January 26. The World Bank
(WB) has committed a total of nearly $5.2 billion to support
Azerbaijan across 54 projects under the framework of the
Azerbaijan-WB partnership, which has been ongoing for over 30
years, the country’s finance minister, Sahil Babayev said during
his meeting with the delegation, led by Charles Cormier, WB
Regional Director for Infrastructure in Europe and Central Asia,
and Rolande Pryce, WB Regional Director for the South Caucasus,
Trend reports via
the Ministry of Finance.
The meeting discussed the current status and development
prospects of cooperation between Azerbaijan and the WB, projects
implemented with the financial support of the bank, especially
current and future programs in the infrastructure, urban
development, energy, and digital sectors.
Babayev noted that this cooperation has made significant
contributions to the implementation of economic reforms in the
country and the provision of sustainable infrastructure.
The meeting also exchanged views on the implementation status of
projects implemented with the WB, noting that the solar and wind
power plants built within the framework of the “Expanding the Use
of Renewable Energy Sources” (AZURE) project ensure the development
of sustainable energy infrastructure by integrating into the
country’s energy system.
Moreover, the “Support to Employment” project and its additional
financing initiatives support the expansion of employment
opportunities for the unemployed population and sustainable
settlement in the liberated territories.
At the same time, the “Regional Roads and Development” project
strengthens interregional transport links and creates opportunities
for the revival of overall economic activity.
Meanwhile, Cormier pointed out that the organization he
represents attaches great importance to long-term and effective
cooperation with Azerbaijan and highly appreciates the economic
reforms carried out in the country. He highlighted a great
potential in expanding cooperation with Azerbaijan in the fields of
infrastructure, green energy, urban planning, and logistics, and
the initiatives to be implemented in these areas will create
conditions for ensuring sustainable development in the country and
expanding economic opportunities.
The meeting further saw a wide exchange of views on the
“Expansion of the Baku International Sea Trade Port”, “Competitive
and Sustainable Agriculture and Irrigation Services”, and “Livable
Baku” projects, planned to be financed through a WB loan.
Institutional, technical, and financial measures that will lay the
foundation for the implementation of the mentioned projects, as
well as opportunities for expanding cooperation between the
parties, were considered.