WB exec in Baku to mull co-op in boosting growth
BAKU – World Bank Vice President for Europe and Central Asia Philippe Le Houerou is visiting Azerbaijan to discuss new areas of cooperation with Azerbaijan to ensure sustainable economic growth in the country.
The aim of his three-day visit is to familiarize himself with recent economic and social developments in Azerbaijan and to discuss with the country's leadership, businesspeople, and civil society the possible ways in which the World Bank can support sustainable economic growth and diversification, and human capital development in Azerbaijan, the WB Baku Office said.
During a meeting with President Ilham Aliyev, the parties stressed the high level of cooperation between Azerbaijani and WB institutions and expressed interest in implementing a number of international projects. Discussions also centered on the activities to be undertaken in the fast-growing South Caucasus republic in the years to come.
Houerou was also hosted by Deputy Minister of Labor and Social Security Ilgar Rahimov. Discussions centered on trends of future cooperation within the WB's proposed new Country Partnership Strategy for 2011-2014.
The strategy is expected to provide significant additional resources and advisory services to build a competitive non-oil economy and provide more effective social and municipal services.
While in Azerbaijan, Le Houerou will visit two projects supported by the World Bank -- the Pension and Social Protection Project and the Judicial Modernization Project.
"I am pleased to note that Azerbaijan has experienced unprecedented growth over the past few years which have led to a significant drop in poverty," Le Houerou said prior to the visit. "The challenge now is to diversify the economy and promote non-oil exports so that Azerbaijan can progress to becoming a strong, upper middle-income country in the medium term."
The WB presently finances 20 projects with commitments valued at around $2 billion covering investments in transport, water and sanitation, agriculture and irrigation, health and education among others.
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