Azerbaijan, World Bank discuss implementation status of projects

The implementation status of projects carried out between the Government of Azerbaijan and the World Bank (WB) has been discussed, Report informs, citing Azerbaijan's Finance Ministry.

O January 26, Azerbaijani Finance Minister Sahil Babayev met with a delegation led by Charles Cormier, Infrastructure Regional Director for Europe and Central Asia at the World Bank, and Rolande Pryce, WB Regional Director for the South Caucasus.

During the meeting, the sides discussed the current state and future prospects of cooperation between Azerbaijan and the World Bank, along with projects supported by the bank in infrastructure, urban development, energy, and digital sectors.

Minister Babayev noted that within the partnership spanning more than 30 years, the World Bank has allocated approximately $5.2 billion to support 54 projects in Azerbaijan, contributing significantly to economic reforms and the development of sustainable infrastructure.

It was highlighted that under the Azerbaijan Scaling-Up Renewable Energy Project (AZURE), solar and wind power plants are being integrated into the national energy system, strengthening sustainable energy infrastructure. The Employment Support project and its additional financing initiatives aim to expand job opportunities for the unemployed and support sustainable settlement in Azerbaijan's liberated territories.

Meanwhile, the Regional Roads and Development project enhances interregional transport links, boosting overall economic activity.

Charles Cormier, in turn, emphasized the WB's strong commitment to long-term and effective cooperation with Azerbaijan, praising the country's economic reforms. He noted that there is significant potential to expand collaboration in infrastructure, green energy, urban planning, and logistics, which will foster sustainable development and broaden economic opportunities.

The meeting also included discussions on projects planned to be financed through World Bank loans, such as the expansion of the Baku International Sea Trade Port, the Competitive and Sustainable Agriculture and Irrigation Services project, and the Livable Baku initiative. Institutional, technical, and financial measures required for their implementation, as well as opportunities to further strengthen cooperation, were also considered.