World Bank to help Azerbaijan diversify economy
By Nigar Orujova
The World Bank will help Azerbaijan diversify its economy and develop its non-oil sector in 2015-2019, the WB's Regional Director for the South Caucasus Henry Kerali said in a meeting with Azerbaijani Minister of Economy and Industry Shahin Mustafayev in Baku to discuss current state and outlook for cooperation.
Mustafayev underlined the importance of implementation of projects jointly with international financial institutions in terms of applying the world`s best practices, ensuring control and transparency and introducing advanced technologies and innovations in the country.
The WB has financed about $3.2 billion on implementation of 50 projects in the country after Azerbaijan joined it in 1992. The WB previously announced the start of drafting a new strategy of operation in Azerbaijan, while the implementation of the previous strategy for the period of 2011-2014 will be completed in the middle of this year.
This year also saw the signing of the deal approving additional financing for the Integrated Solid Waste Management Project, which envisages rehabilitation of the Balakhany main waste disposal site, development of a comprehensive vision for the waste management system, closure of old waste disposal areas, development of new waste cells, and introduction of methane gas capture systems.
Mustafayev said Azerbaijan was conducting talks with the WB experts over establishment of industrial parks in Azerbaijan in line with the international practice.
Discussions also revolved around prospects for cooperation on establishment of pilot industrial quarters in the regions of Azerbaijan, in particular, refugees and IDPs-populated areas in order to boost social and economic development in the regions.