BAKU, Azerbaijan, December 4. The World Bank is currently defining its new country new country partnership framework for Azerbaijan, Rolande Pryce, WB Regional Director for the South Caucasus, told Trend.
“This is a truly dynamic time. It marks a dynamic phase in the World Bank's relationship with the government. In fact, the government has expressed, in the words of the President whom I met in early October, that this is the moment to reinvigorate the relationship. We feel both humbled and privileged to have this opportunity to embark on this journey with Azerbaijan,” she said.
According to Pryce, it is also a dynamic moment geopolitically and in terms of the global movement towards decarbonization.
“Azerbaijan, a country that has achieved significant gains based on its focus and wealth in hydrocarbons, now has the chance to be at the forefront, serving as one of the enablers and fast movers in adapting to and managing the energy transition,” the regional director pointed out.
She noted that private sector development is going to be one of the main pillars within the new partnership framework between the WB and Azerbaijan.
“In one of my recent conversations with the Minister of Transport and Digital Development, he shared his significant plans for greening cities, which we are very excited about. What I see before me is a slate of opportunities that truly reflects the country's ambitious reform agenda. I believe this will set Azerbaijan on a new trajectory when exploring various sources of growth. All these transitions provide the opportunity to shift away from the traditional source, which has been hydrocarbons,” Pryce said.
In this regard, she noted that there is a need to create an opportunity for Azerbaijan to do more in terms of climate action.
“Our perspective is that Azerbaijan can transform climate action into new sources of growth by being an early mover among fossil fuel-exporting countries. There is an opportunity to capture a windfall. If we can truly leverage the opportunities in wind and solar energy, Azerbaijan could generate substantial revenues that can be used for other sources of growth to stimulate overall economic development in the country,” the regional director explained.
“So, we're here to be a partner in this process. During this period, we've focused extensively on analytics. Now, we've reached a point where the government has expressed readiness to make investments. The bank is currently engaging with them on various dimensions, including renewable energy, greening cities, and the digitalization of railways. We are in the process of defining our new country partnership framework, and then we will clearly outline the pipeline. My goal is to serve the government and the people of Azerbaijan. Together, during this moment, we will precisely define the directions we're moving in,” Rolande Pryce concluded.