TODAY.AZ / Business

Azerbaijan, World Bank mull bilateral cooperation

02 April 2021 [15:12] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and the World Bank have discussed the current partnership and possible areas of cooperation.

Azerbaijan's Labor and Social Protection Minister Sahil Babayev and  Economy Minister Mikayil Jabbarov had relevant discussions with World Bank South Caucasus Regional Director Sebastian Molineus on March 31 and April 1 respectively.

Babayev stated that “The Employment Support Project in Azerbaijan” of the World Bank plays an important role in expanding the self-employment program.

The minister noted that the areas of activity have already been identified for the project participants, in which 22,000 unemployed people will be involved in 5 years to create small businesses. He emphasized that the number of applicants for the project is already about 3,000 people.

Moreover, during the meeting, Babayev briefed the participants on the work carried out on the presidential instructions to expand the social protection and active employment programs, to cover vulnerable groups, as well as social reforms.

The minister stressed the importance of joint projects between the World Bank and the ministry. He stated that the cooperation agenda covers new areas in recent years.

Babayev noted the improvement of labour legislation and the certification system based on international best practices, as well as the formation of new cooperation experiences in the development of policies and procedures for people with disabilities.

He spoke about cooperation with the International Finance Corporation. The minister emphasized the importance of this cooperation in creating a risk-oriented mechanism of control and improvement in the labour inspection system, preparing the necessary institutional framework for this.

The parties discussed the work done on joint projects by the World Bank and the ministry, as well as prospects for further cooperation.

During another meeting, Economy Minister Mikayil Jabbarov noted that Azerbaijan attaches great importance to cooperation with the World Bank, and highly appreciated the bank's technical assistance and financial support to the country.

Private sector diagnostics with the bank, innovations, digital development, development of management technologies and cooperation in other areas is of particular importance in terms of application of best world practices in Azerbaijan, the introduction of modern technologies and innovations in the country.

Furthermore, Jabbarov briefed the participants of the meeting on the measures taken in Azerbaijan to diversify the economy, develop the non-oil sector, encourage investment and further improve the business environment. In addition, the minister shared his views on the economic recovery after the COVID-19 pandemic.

In turn, Sebastian Molineus stated that the World Bank supports economic reforms in Azerbaijan and praised the achievements of the country's leadership as a result of the successful socio-economic policy.

The parties discussed the expansion of partnership with the World Bank, possible areas of cooperation and other issues.

The World Bank started economic cooperation with Azerbaijan in 2001 to help increase the country’s institutional capacity and to build efficient management of oil reserves. The World Bank has always supported the large-scale reforms carried out in Azerbaijan.


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