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Azerbaijan, World Bank ink loan agreement

28 October 2021 12:33 (UTC+04:00)
Azerbaijan, World Bank ink loan agreement

By Ayya Lmahamad

The Azerbaijani government and the International Bank for Reconstruction and Development, which is a member of the World Bank (WB) group, have signed a loan agreement on the “regional roads and development project”, the Finance Ministry reported on October 27.

The $65-million loan agreement was signed by Azerbaijani Finance Minister Samir Sharifov and WB Country Manager for Azerbaijan Sarah Michael.

The loan funds will be used to reconstruct the Yenikand-Bilasuvar section of the Alat-Astara-Iran state border road, create a model to ensure the efficiency and safety of the road, improve the quality of new road services, manage logistics and market infrastructure in the territories along and other types of technical assistance.

The ministry noted that the project will provide safe and efficient transportation along the Salyan-Bilasuvar road in the south of Azerbaijan and improve access to markets.

“People living along this route will have access to improved road infrastructure, economic opportunities, and key service facilities,” the ministry said.

Expressing satisfaction over the long-term and strategic partnership between Azerbaijan and the WB, Samir Sharifov noted the bank's financial support for a number of important projects implemented by the state.

Sarah Michael stressed that cooperation between the WB and Azerbaijan as reliable partners will continue. She expressed confidence that the new project will help Azerbaijan to achieve its national development priorities.

It should be noted that Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and to build efficient management of oil reserves. The WB has always supported the large-scale reforms carried out in Azerbaijan.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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