World Bank: Funds allocated for Armenia cannot be used in Karabakh 

“As you know Armenia is a member country of the World Bank. We have very specific requirements that limit activities and the use of funds borrowed from the World Bank,” the World Bank Country Manager for Azerbaijan Sarah Michael told Report.

According to her, these are all laid out in legally binding agreements: “So you know we are 100% committed to the proper use of funds. We have strong guidelines and oversight policies to ensure that funds are used in line with what they are legally agreed for and then we have as well remedies. If there is evidence that funds are not used or any risk that funds might be used in a way that is not aligned with what’s in the legal agreement, we will take action. So I am not aware of any issues there but I can say that our oversight mechanisms are very strong and robust.”

There are claims that funds of the World Bank and other international financial institutions are used in the occupied territories of Azerbaijan. A few years ago, former Minister of Economy Shahin Mustafayev expressed the concern of official Baku over this issue.