International Development Association: Azerbaijan now a donor country

By  Trend

In Stockholm, at the 19th meeting of the World Bank's International Development Association (IDA) on the initiative of additions to resources, an official decision was made to make Azerbaijan a donor country, Trend reports referring to the Central Bank of Azerbaijan (CBA).

Azerbaijan was regarded as providing not only financial support to the IDA but also as a country ready to share its experience of successful development with the IDA members.

At the meeting, it was noted that Azerbaijan has experience of success in such areas as economic diversification, business management reforms, high-quality and efficient delivery of public services, transparency and efficient use of oil revenues, modernization of economic and social infrastructure, etc.

Presently, only 55 of 173 IDA members have the status of donor countries.

At one time Azerbaijan provided sponsorship to the organization with early repayment of most of the loans. In 2012, IDA appealed to Azerbaijan, which at that time achieved great economic success, increased its financial strength and, as a result, became one of the countries with the highest average incomes in the world, to accelerate the repayment of residual debts and partial early repayment. In 2013, Azerbaijan invested $300 million in the association in support of this appeal.

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