World Bank Marks 25th Anniversary of Cooperation with Azerbaijan

Baku / 19.09.17 / Turan: An event dedicated to the 25th anniversary of the World Bank"s cooperation with Azerbaijan was held in Baku on September 19.

Speaking at the event, the Chairman of the Board of the Central Bank of Azerbaijan Elman Rustamov said that over the years the WB provided loans totaling $ 3.6 billion to Azerbaijan.

"Currently, 10 projects are being implemented, for which $ 1.14 billion has been allocated.

Rustamov said new challenges are facing the economy of Azerbaijan, including ensuring macroeconomic stability, applying a new model of economic growth, diversifying the economy, developing human capital, and completing the restructuring of the financial sector.

"We hope for WB support in solving new challenges," he said.

The Vice President of the World Bank for Europe and Central Asia Cyril Muller, in turn, stressed that the past two years have been difficult for the economy of Azerbaijan.

He believes the government has taken the necessary steps in such conditions. Muller, for his part, noted four major challenges facing Azerbaijan, including strengthening institutional reforms and human capital development, improving the business environment and supporting the financial sector, developing labor staff, and increasing transparency in the public sector.

At the event, for the contribution of cooperation between Azerbaijan and the World Bank, special awards of the World Bank were given to Deputy Prime Ministers Abid Sharifov and Ali Hasanov, Minister of Economy Shahin Mustafayev, Finance Minister Samir Sharifov, the head of the Central Bank Elman Rustamov and the head of the Department for Work with International Financial Institutions of the Cabinet Nail Fataliyev.

Speaking at the awarding ceremony, Minister Mustafayev said that total investments in Azerbaijan"s economy exceeded $ 200 billion, including direct foreign investments of $ 76 billion.

He noted that thanks to cooperation with international financial institutions, including with the World Bank, Azerbaijan managed to move completely to the liberal market. -71D-