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Azerbaijan asks WB to refrain from cooperation with banks operating in occupied territories

10 February 2017 17:22 (UTC+04:00)
Azerbaijan asks WB to refrain from cooperation with banks operating in occupied territories

By Nigar Abbasova

Azerbaijan has called on the World Bank not to cooperate with Armenian banks operating in the occupied territories of Azerbaijan.

Economy Minister Shahin Mustafayev, addressing a meeting with the WB Vice President for Europe and Central Asia, Cyril Muller, said that the involvement of such banks in the projects of the WB is inadmissible.

He reiterated the position of Azerbaijan with regards to the Armenia-Azerbaijan Nagorno-Karabakh conflict, emphasizing that 20 percent of Azerbaijan's territory, including Nagorno-Karabakh and seven surrounding regions is under occupation of Armenia.

The government of Armenia encourages its commercial banks to open branches in the occupied territories and undertakes efforts towards incorporating the occupied territories into its socioeconomic space (its banking and financial sector), in violation of international obligations. The branches of banks operating in the occupied territories are licensed by the Central Bank of Armenia.

Talking about the cooperation between Azerbaijan and the WB, Mustafayev said that the financial institution has already implemented some 40 projects in the country, while some 11 projects are in the process of realization.

He hailed the importance of financial projects, particularly realized in the private sector of the country.

Also, the minister said that Azerbaijan is interested in cooperation in such spheres as agriculture, in particular training of employees of industrial parks operating in Azerbaijan.

Azerbaijan became a WB member in 1992.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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