World Bank Approves Partnership Strategy with Azerbaijan

The Framework Document of the World Bank (WB) on partnership with Azerbaijan for the period 2015-2020 has been approved. This is stated on behalf of the Board of Executive Directors of the World Bank Group.

The document is intended to regulate the operation of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) to support sustainable, inclusive and private sector focused development in Azerbaijan.

The document states reduction of poverty in the country to 5% of the population with the expansion of the middle class from 4 to 29%. He also pointed out that the private sector plays a central role in the new economic model of Azerbaijan in conditions of low oil prices.

WB currently implementing 51 projects in Azerbaijan has allocated loans totaling $ 3.6 billion. 35 of them have already been completed and the implementation of the 16 continues. --17D-

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