WB to approve new cooperation strategy with Azerbaijan until summer 2015
Baku, Azerbaijan, Feb.19
By Azad Hasanli - Trend:
Adoption of the new strategy of the World Bank in Azerbaijan by the Board of Directors is expected in late May 2015, the Baku office of WB told Trend Feb.19.
"Timing of the approval of the strategy can be changed depending on its concordance with the government," said the Baku office of the bank. "In early March, the framework document will be put up for public discussion, and the government of Azerbaijan was offered promising areas of funding for the development of the project part of the strategy."
Strategy of cooperation of WB with Azerbaijan will cover the next six years, including this year. But its project part will be coordinated every two years. The cost of a new strategy is still to be confirmed due to continuation of consultations.
"We hope that these projects will cover further cooperation in the field of infrastructure development, institutional development, improvement of the management structure of government programs, as well as human capital development," the head of the World Bank in Azerbaijan Larisa Leshchenko told Trend earlier. "The combination of all of these areas creates prerequisites for economic diversification. It is planned to build a viable diversification model on these factors that will be resistant to the possible crises and challenges that will appear on the way of the development of the country."
The Baku office of the bank said that the World Bank is ready to provide support to confront the global and regional challenges.
The current strategy of cooperation with Azerbaijan has been calculated for 2011-2014.
Despite the fact that the timing of its implementation was completed in late June 2014, within the framework of the transition period, the bank continues to work on projects that will be financed by the World Bank, the office said.
At present, the World Bank's current portfolio in Azerbaijan is about $ 2.7 billion.
Azerbaijan is a member of the World Bank since 1992. The amount of loan agreements signed between Azerbaijan and the World Bank accounts for $4.086 billion.
Edited by CN
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