Azerbaijan willing to help poor countries through WB arm

Source: AzerNews

Azerbaijan supports the initiatives to assist poor countries and ready to share its experience in this regard.

The Central Bank of Azerbaijan (CBA) reported that the country welcomed the offer of the World Bank (WB) to join the initiative of assisting the poorest countries.

The International Development Association (IDA) is the part of the WB that helps the world's poorest countries. IDA, being one of the largest sources of assistance for the world's 82 poorest countries, aims to reduce poverty by providing loans and grants for programs that boost economic growth, reduce inequalities, and improve people's living conditions.

Azerbaijan's joining IDA was mulled at a meeting of CBA President Elman Rustamov with a WB delegation led by Vice President for Concessional Finance and Global Partnerships of the IDA Joachim von Amsberg last week.

Joachim von Amsberg appreciated the dynamics of Azerbaijani economic development, social and economic reforms and large-scale infrastructure projects implemented in the country.

Rustamov, in turn, said that bilateral relations between the WB and Azerbaijan are being developed successfully.

Azerbaijan, within the framework of IDA, is ready to share its experience with other countries, together with other investors to finance projects and participate in new initiatives of international financial institutions, Rustamov said.

The sides discussed the results of the technical and financial support from the WB carried out within the cooperation framework, as well as the prospects of the Joint Economic Research Program (JERP).

Since its inception, IDA has supported activities in 108 countries. Annual commitments have increased steadily and averaged about $15 billion over the last three years, with about 50 percent of that going to Africa.

IDA lends money on concessional terms. This means that IDA charges little or no interest and repayments are stretched over 25 to 40 years, including a 5- to 10-year grace period. IDA also provides grants to countries at risk of debt distress.