BAKU, Azerbaijan, September 9. Since Azerbaijan became a member of the World Bank, a total of approximately $4.9 billion in financing has been allocated under the partnership for 53 projects.

This was stated during a meeting between Minister of Finance of the Republic of Azerbaijan Sahil Babayev and a World Bank delegation comprising Roland Price, World Bank Regional Director for the South Caucasus, and Sasha Bakès, the bank’s new Country Manager for Azerbaijan.

The meeting addressed the current state and prospects of the long-term and strategic partnership between Azerbaijan and the World Bank. The sides exchanged views on jointly implemented projects, public financial management reforms, as well as opportunities to expand cooperation.

Minister Sahil Babayev highly praised the World Bank’s continued support for Azerbaijan’s development priorities and reform agenda, noting that the long-standing partnership makes an important contribution to the country’s socio-economic development, strengthening its institutional capacity, and supporting reforms carried out in various areas.

It was noted that cooperation between Azerbaijan and the World Bank covers a wide range of areas, including infrastructure, energy, transport, agriculture, water resources management, employment, and institutional reforms. Thus, since Azerbaijan became a member of the World Bank, a total of approximately $4.9 billion in financing has been allocated under the partnership for 53 projects.

At the same time, drawing attention to Azerbaijan’s growing role in the international development agenda, the Minister of Finance said that after attaining upper-middle-income country status, Azerbaijan had increased its support for international development initiatives as a donor.

In turn, R. Price emphasized the importance of the long-term cooperation established between Azerbaijan and the World Bank, and highly praised the socio-economic achievements and reforms carried out by Azerbaijan in recent years. She stated that the World Bank is ready to continue supporting Azerbaijan’s development and reform agenda, as well as to expand mutual cooperation in new areas.

Sahil Babayev congratulated Sasha Bakès on her appointment as the World Bank’s Country Manager for Azerbaijan and wished her success in her work. The Minister expressed confidence that the new Country Manager would make an important contribution to the further development of cooperation between Azerbaijan and the World Bank.