BAKU, September 14, 2022 – This year marks the 30th anniversary of the partnership between Azerbaijan and the World Bank. To acknowledge three decades of cooperation and partnership, and to discuss Azerbaijan’s future development aspirations, the Government of Azerbaijan and the World Bank – together with development partners, private sector, academia and media – came together at a forum titled “Azerbaijan: Growth Prospects in the Changing Global Economy.” Participants discussed emerging global economic trends and the prospects for Azerbaijan to achieve economic growth.
Azerbaijan joined the World Bank, the world’s largest multilateral development finance organization, in September 1992, after the country had regained independence. Over the past thirty years, the Bank has financed more than 50 investment projects amounting to over $4.5 billion in loans and credits, along with a wide range of knowledge-sharing, capacity-building and technical assistance activities in support of national priorities and needs.
“We look forward to continuing our partnership with Azerbaijan to achieve sustainable and inclusive growth,” said Anna Bjerde, World Bank Vice President for Europe and Central Asia, at the forum in Baku. “To be globally and regionally competitive, Azerbaijan now needs to focus on diversification, innovation, human capital, connectivity, and lower carbon development.”
The World Bank’s support to Azerbaijan covered public sector strengthening and governance, financial and private sector development, agriculture and rural development, energy, social protection, education and health, transport and connectivity, and much more.
“During 30 years of partnership with the World Bank, Azerbaijan has grown from a poor country to one which now contributes to the International Development Association, the Bank’s arm that helps the world’s poorest countries,” said Mikayil Jabbarov, Minister of Economy of Azerbaijan. “The Bank has helped Azerbaijan in designing and implementing key economic and institutional reforms, building infrastructure, and providing services that create meaningful opportunities for all Azerbaijanis.”
Over the past 30 years, the World Bank has provided its resources, knowledge and experience to support Azerbaijan in making progress towards achieving its national goals and the Bank’s twin goals of ending poverty and promoting shared prosperity. The World Bank Group remains committed to helping Azerbaijan as it strives to diversify and grow its economy and achieve its potential as a high-income country.
