WB intensifies preparation for forum

Business Materials 28 July 2011 16:25 (UTC +04:00)

Azerbaijan, Baku, July 28 / Trend N. Ismayilova /

WB Senior Economist on Azerbaijan Rashmi Shankar will arrive in the country in mid-August, the WB's Baku office said.

The visit aims to discuss macroeconomic issues and preparations for the second forum on long-term economic development.

As of the first forum on Azerbaijan's long-term economic development, which took place on Oct. 21, 2009, the agreement was reached to prepare an action plan to provide for economic diversification with a view to further development.

The forum was organized by the Azerbaijani government and the World Bank in Baku. It was held with the participation of WB Managing Director Ngozi Okonjo-Iweala.

The Days of Azerbaijan were held in the WB head office in Washington in March.

Chairman of the Azerbaijani Central Bank (CBA) Elman Rustamov said at a meeting with World Bank president Robert Zoellick that a forum will raise bilateral cooperation to a qualitatively new level.

Azerbaijan is a WB member since 1992. Until now, the bank has allocated to Azerbaijan $ 2.9 billion to finance 43 projects. This puts the country to the third place in the world in terms of portfolio after Turkey and Kazakhstan.