Azerbaijan, World Bank discuss expanding strategic partnership

Azerbaijan and the World Bank have discussed the current state and future prospects of their long-term strategic partnership.

According to Report, citing the Ministry of Finance, Finance Minister Sahil Babayev met on September 9 with a World Bank delegation led by Regional Director for the South Caucasus Rolande Pryce and the Bank's new Country Manager for Azerbaijan, Sasha Bakes.

The sides exchanged views on joint projects, reforms in public financial management and opportunities to expand cooperation.

Babayev praised the World Bank's continued support for Azerbaijan's development priorities and reform agenda, noting that the long-term partnership has contributed to the country's socio-economic development, institutional capacity-building and reforms across various sectors.

Cooperation between Azerbaijan and the World Bank covers infrastructure, energy, transport, agriculture, water management, employment and institutional reforms. Since Azerbaijan joined the World Bank, around $4.9 billion has been allocated for 53 projects.

Babayev also highlighted Azerbaijan's growing role in the international development agenda, noting that after attaining upper-middle-income country status, the country has increased its support for international development initiatives as a donor.

Pryce, in turn, emphasized the importance of the long-standing partnership between Azerbaijan and the World Bank and praised the country's recent socio-economic achievements and reforms.

She said the World Bank is ready to continue supporting Azerbaijan's development and reform agenda and to expand cooperation into new areas.

Babayev also congratulated Sasha Bakes on her appointment as World Bank Country Manager for Azerbaijan and expressed confidence that she would contribute to further strengthening cooperation between the two sides.

The meeting concluded with a broad exchange of views on economic and financial issues of mutual interest.