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World Bank extends multiple state loans to Azerbaijan for 52 projects

Business Materials 31 May 2024 11:08 (UTC +04:00)
World Bank extends multiple state loans to Azerbaijan for 52 projects
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, May 31. The World Bank has provided Azerbaijan with state loans worth more than $4 billion for 52 projects, an advisor to Azerbaijan's Economy Minister Rauf Najafli said, Trend reports.

He made the remark during today's second annual reporting meeting of the Azerbaijan Rapid Technical Assistance Facility (AZTAF), funded by the European Union (EU) and managed by the World Bank (WB), in Baku.

“The World Bank became one of our key partners in implementing reforms in the early years of Azerbaijan's independence. Over more than 30 years of successful cooperation between the Republic of Azerbaijan and the World Bank, the Bank has provided Azerbaijan with 49 completed and 3 ongoing government loans for 52 projects totaling more than $4 billion. In addition, more than 115 technical assistance projects amounting to more than $30 million have been allocated for grant projects in various directions. Projects implemented with the financial support of the World Bank in the spheres of transport, social protection, water supply and irrigation, agriculture, ecology, justice, and other spheres have made a significant contribution to the development of the country's economy,” he noted.

To note, a new Country Partnership Framework (CPF) for the period 2025-2028 is currently being developed.

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