WB vice president: Azerbaijan to be deprived of preferential loans due to its transformation into average income country (РНОТО)
Azerbaijan, Baku, September 13 /Trend, I.Khalilova/
In connection with Azerbaijan's transformation into the country with an average income, 2011 fiscal year [it will continue from June 30, 2010 to June 30, 2011] will be the last year for receiving preferential loans from the World Bank (WB), WB Vice President for Europe and Central Asia Philippe Le Houérou said in Baku at a reception on completion of WB manager Gregory Jedrzeiczak's mission in Azerbaijan.
"Today the main task for us is to determine what to do to become a country with average income said Le Houérou. We are ready to cooperate with Azerbaijan in a new period of economic development as well."
Since Azerbaijan's regaining its independence, the WB has been country's most strategically reliable partner, said the head of the Central Bank of Azerbaijan Elman Rustamov.
"For 18 years of joint activities, our cooperation has always been at a high-level," said Rustamov. WB's $3 billion portfolio in Azerbaijan tells it itself."
"WB's local office also played its role in developing the cooperation, he said. I am sure that the representative office with a new manager will also continue to contribute to developing cooperation with Azerbaijan."
According to Rustamov, during its independence, Azerbaijan has passed a long way and has become country with average income.
"I am confident that the new period of joint cooperation with the WB will be more effective and will develop dynamically with all structures of the WB," said the head of the Central Bank.