BAKU, Azerbaijan, April 3. The World Bank's (WB) total loan amount for the South Caucasus exceeds $7.2 billion, Trend reports.
The WB's data shows that $3.47 billion of this amount is designed for Azerbaijan, $2.5 billion for Georgia, and $1.2 billion for Amenia.
To note, Azerbaijan and the World Bank have been cooperating for over 30 years. The organization has supported 56 private sector development projects totaling more than $500 million, resulting in the creation of approximately 4,000 jobs.
The World Bank is an international financial agency whose mission is to help member countries develop and alleviate poverty worldwide. It was formed at the 1944 Bretton Woods Conference, alongside the International Monetary Fund (IMF). The World Bank's principal purpose is to offer low- and middle-income nations with financial and technical assistance to help them develop. It makes loans and grants to help fund projects in education, healthcare, agriculture, infrastructure, human capital development, and other sectors.
The WB consists of two main institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).