WB Approved Five-year Paper on Cooperation with Azerbaijan

The Board of Executive Directors of the World Bank (WB) approved July 21 a five-year cooperation framework with respect to Azerbaijan.

The document envisages joint strategy three member group of WB on Azerbaijan in 2015-2020, respectively, and provides support to sustainable, inclusive development, based on the private sector, according to the press statement the World Bank.

The strategy was developed on the basis of a system of diagnosis of socio-economic development of Azerbaijan.

"Over the past decade, Azerbaijan has achieved incredible development on ways to reduce poverty and improve general well-being," says the World Bank. The poverty rate fell from 50% (2000) to 5% (2014), the share of the middle class during this period increased from 4 to 29%. This was achieved by 13% of the average annual economic development and the use of oil revenues in the public expenditure.

Azerbaijan is in search of a new economic development model in the conditions of low oil prices, reductions in oil production and uncertain economic prospects of the region, the bank stressed.

The new document of cooperation between the World Bank and Azerbaijan came during the test period for Azerbaijan and it will help counter this, said the regional director of the World Bank Henry Kerali.

 The new strategy on Azerbaijan is focused on cooperation in the spheres of economic competitiveness, public sector management and public services. -----08D