The World Bank Group has initiated preparation of a Systematic Country Diagnostic (SCD) in order to prepare a new partnership strategy with Azerbaijan, Report informs referring to the WB.
The Systematic Country Diagnostic presents a timely and evidence-based assessment of the constraints a country has to address and the opportunities it can embrace to accelerate progress toward the goals of ending extreme poverty and promoting shared prosperity in a sustainable way.
Spurring poverty reduction and inclusive growth will be central themes of the SCD analysis, with concerted attention to issues of sustainability. The SCD draws upon all available information and, where necessary, involves new analysis.
Consultations will be undertaken with interested stakeholders.
Currently, WB operations in Azerbaijan are governed by the Country Partnership Framework (CPF) approved in 2015. The WB framework was designed for the 2016-2020 financial years, however, after a review of the effectiveness of the CPF in 2020, it was decided to extend it, confirming two priority areas. These are the public sector (governance and service delivery) and economic competitiveness, which should meet the strategic goals of reducing Azerbaijan's dependence on the oil and gas sector and increasing its resilience to external shocks through investment in human capital, physical infrastructure and stronger institutions.
The Bank intends to analyze opportunities for further growth and development of Azerbaijan, and the preparation of the new strategy will take into account Azerbaijan's five national priorities, that is, it will be built on the basis of a vision for the period up to 2030.
The World Bank stands ready to support projects such as the transition to green energy, economic diversification and other government priorities, including support for the private sector, small and medium-sized enterprises, entrepreneurship, job creation, support for human capital and the provision of a modern, innovative workforce of the country, environmental protection.
Earlier, Azerbaijani Finance Minister Samir Sharifov said that the WB may provide a soft loan to Azerbaijan for the reconstruction of Karabakh.
“The World Bank offers us special terms. If we reach a full agreement with them by the middle of next year, we will benefit from those terms. That is, taking into account the process of reconstruction of our Karabakh, they have decided that they can give us loans on favorable terms.”
Azerbaijan has been a member of the World Bank since 1992. Over the past 30 years, the financial institution has provided more than $4.4 billion in loans for more than 50 projects implemented by Azerbaijan.