Azerbaijan, Baku, Aug. 6 / Trend, I. Khalilova /
The World Bank (WB) plans to conduct an interim evaluation of the existing strategy of cooperation with Azerbaijan by late 2012, which is designed for 2011-14, WB Country Manager for Azerbaijan Joseph Owen told Trend.
"The strategy will be assessed to determine the need to make changes," Owen said. "At present, our strategy is to improve the implementation of ongoing projects. But the possibility of determining new areas of cooperation is not ruled out in the future."
The strategy is based on such priorities as strengthening the non-oil sectors of economy, including infrastructure development and agriculture. Moreover, the bank's activity will also focus on enhancing the effectiveness of social services, including health, education, social protection and water supply.
The government appealed to the World Bank to allocate investments to the amount of $1 billion for the entire four-year strategy.
The amount of lending is expected to hit approximately $ 380 million for the first two years. The bank has already approved three projects. About $125 million were allocated for implementation.
Taking into account the income per capita in Azerbaijan to the amount of $4,820, which moves the country to the group of countries with an average economic well-being, 2011 will be the last year of concessional financing from the World Bank. The International Finance Corporation (IFC) will increase its investment program in the country up to $ 200 million during the period of the strategy.
Since joining the WB in 1992, the commitments to Azerbaijan total $2.9 billion in 43 projects.
The current WB portfolio in Azerbaijan consists of 20 projects worth $2.3 billion.