Azerbaijan has shown biggest economic growth in region for 25 years – WB VP

Azerbaijan has shown biggest economic growth in region for 25 years – WB VP

Baku, Azerbaijan, Sept. 19

Trend:

Azerbaijan has shown the biggest economic growth in the region of European countries and Central Asia for 25 years, Cyril Muller, WB vice-president for Europe and Central Asia, said.

Muller made the remarks at a ceremony dedicated to the 25th anniversary of Azerbaijan-WB cooperation in Baku Sept. 19.

Azerbaijani MPs, representatives of the country’s private sector and civil society are taking part in the event.

Muller stressed that the bank has been cooperating with Azerbaijan since the 1990s, the most difficult period for the country.

"During the entire period of cooperation, Azerbaijan has shown the biggest economic growth in the region which I oversee,” he said. “During this period, the poverty level decreased by less than 10 percent in the country."

“In general, the WB has allocated about $3.5 billion for the implementation of more than 50 projects in Azerbaijan,” he said. “The International Finance Corporation (IFC), which is also a member of the WB Group, has issued loans worth $470 million for Azerbaijan to implement 56 projects.”

"WB is proud of being involved in success achieved by Azerbaijan for 25 years," Muller added.

Azerbaijan joined the WB Group in 1992.

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