Azerbaijan, WB plan to facilitate economic diversification

By AzerNews

The Azerbaijan Economy and Industry Ministry and the World Bank (WB) have discussed the acceleration of economic diversification in the country, the ministry reported on May 29.

Speaking at the event, Deputy Minister of Economy and Industry Sevinj Hasanova spoke about the country's success in the economy in recent years and noted the acceleration of the development of non-oil sectors and regions, creating of new businesses and jobs.

The Azerbaijani side noted that the country has expanded business activity, improved business and investment climate, and realized projects aimed at increasing standard of living.

Hasanova said Azerbaijan attaches great importance to cooperation with international financial and economic institutions, including the World Bank.

In turn, WB Baku office head Larisa Leshchenko appreciated the development of the economy of Azerbaijan.

The bank's cooperation with Azerbaijan is based on priorities identified by the country, she said.

Leshenko also noted the importance of the WB cooperation with Azerbaijan in human capital development and further improvement of the institutional arrangements, implementation of infrastructure projects, development of non-oil sector, as well as non-oil industries.

Ivaylo Izvorski, a Lead Economist in the East Asia and Pacific region of the World Bank, made a presentation at the meeting.

Currently, the WB is preparing a new strategy for Azerbaijan, the work on which will be completed by the first quarter of 2015.

Azerbaijan is one of three countries in the Europe and Central Asia along with Albania and Bulgaria, where development of a strategy in the new format began in a pilot mode. The strategy will be created for four years.

The bank has financed more than 50 projects worth more than $3 billion after Azerbaijan joined it in 1992.