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President Aliyev: Azerbaijan - financially capable, reliable partner (UPDATE)

Politics Materials 18 December 2017 18:25 (UTC +04:00)
President of Azerbaijan Ilham Aliyev has received a delegation led by Executive Vice President and Chief Executive Officer of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group Keiko Honda.

Details added (first version posted on 12:17)

Baku, Azerbaijan, Dec. 18

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President of Azerbaijan Ilham Aliyev has received a delegation led by Executive Vice President and Chief Executive Officer of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group Keiko Honda.

Honda extended greetings of President of the World Bank Jim Yong Kim to President Aliyev. She hailed the World Bank's successful cooperation with Azerbaijan, saying the organization closely follows the economic reforms carried out in the country and highly appreciates the work done there.

Honda congratulated President Aliyev on what the country has done to cope with the economic difficulties and to achieve stability and development in the country. She emphasized the importance of Azerbaijan's achievements in economic development and in diversification of economy.

President Aliyev thanked Honda for the warm words, and praised the World Bank's continued support for economic reforms carried out in Azerbaijan. The president noted the importance of the funds allocated to Azerbaijan by the organization.

The president hailed the fact that this year marks the 25th anniversary of Azerbaijan's bilateral cooperation with the World Bank Group, underlining the significance of Multilateral Investment Guarantee Agency's support for a number of vital investment projects implemented by foreign investors in Azerbaijan over the past years, including the globally important gas pipeline project Southern Gas Corridor.

President Aliyev noted that the Southern Gas Corridor project is of crucial importance not only to Azerbaijan but also to a region covering a vast geography, including Europe.

Describing Azerbaijan as a financially capable reliable partner and as a country which has always fulfilled its commitments, the president noted that the work on the TANAP project is being successfully implemented on schedule, and will be completed on time.

President Aliyev said that this year the Azerbaijani economy entered a period of stabilization. "If we do not take into account the oil factor in our economy, we can see that non-oil sector grew by 2.5 percent, while non-oil industry increased by more than 3 percent, and the agrarian sector by more than 4 percent. Despite the fact that the drop in the oil prices negatively affected the gross domestic product (GDP), the non-oil sector accounted for 70 percent of the GDP."

The president noted that the launch of the Southern Gas Corridor in the years to come, extension of the term of the Contract of the Century, additional investments and successful implementation of global transport projects give grounds to look optimistic about the prospects of the Azerbaijani economy.

They exchanged views on prospects for Azerbaijan-MIGA bilateral cooperation.

President Aliyev thanked for the greetings of Jim Yong Kim and asked the executive vice president to extend his greetings to the president of the World Bank.

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