WB vice president: "The world financial crisis will not have a serious impact on Azerbaijan"

He said the drop in oil prices may have a negative impact on Azerbaijan. Thus, drop in the cost of a barrel by $10 causes a damage of about $3 bln.

Nevertheless, Shigeo Catsu considers that the world financial crisis will not have a serious influence on Azerbaijan.

As for the implementation of joint projects in Azerbaijan, he said no problems will appear as there are necessary reserves.

"Currently WB members are 186 countries, including 100 borrowers. Considering the financial crisis, the crediting volumes will increase up to $100 bln in the next three years.

Catsu added that due to the crisis, member of WB group - International Financial Corporation will pay greater attention to the private sector of the member-states.