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Tuesday September 27 2022

Parliamentarian reflects on positive impact of WB projects on Azerbaijani economy

21 September 2022 10:49 (UTC+04:00)
Parliamentarian reflects on positive impact of WB projects on Azerbaijani economy

By MP Mazahir Afandiyev

Azerbaijan declared its independence in 1991 and became a UN member on March 2, 1992, thus paving the way for the accreditation and joint activities of UN agencies in the country.

One of these institutions, Azerbaijan cooperates with is the World Bank, which operates under the UN umbrella, and today the 30th anniversary of this cooperation is marked.

On September 18, 1992, the Republic of Azerbaijan became a member of the World Bank. Over the past 30 years, the WB has funded and carried out significant projects in Azerbaijan to achieve lasting prosperity through poverty alleviation and infrastructure development.

The WB, established on July 1, 1944, at the Bretton Woods conference, is considered one of the largest donor organizations in the world that serves the aims of global economic development and works for the distribution of financial resources. The WB, which provides long-term loans and grants to developing countries at a very low-interest rate, sometimes even without interest, is not a bank in the classical sense; rather, it is one of the specialized agencies of the UN. At the moment, the main goal of this organization, which is currently made up of 184 members, is to implement structural reforms in poor nations and help with poverty reduction.

Today, Azerbaijan celebrates 30 years of cooperation with the World Bank. Throughout that period, the national economy grew more than three times, the level of poverty was reduced to a minimum, and the social welfare of the people was improved. Cooperation with the World Bank should be mentioned, especially in the context of the large-scale reforms carried out in Azerbaijan, as well as the "whitewashing the economy" in the context of these reforms and the more correct definition of economic goals.

The projects, "Azerbaijan Employment Support" (2020-2025), "Regional Roads and Development" (2020-2026), and "Progressive justice services and modern judicial infrastructure" (2020-2024), under realization in Azerbaijan jointly with the World Bank, are playing an important role in regulating the justice system, labor relations, as well as international import and export processes in accordance with the law; these projects hit the "shadow economy" for the sake of improving the social welfare of people.

The World Bank's ranking of Azerbaijan as "one of the ten most reforming countries in the world" in recent years and the projects that the country has successfully implemented in collaboration with the World Bank over the past period have amply demonstrated the value of the 30-year-long trust.

In the political context implemented by the government, the World Bank has had effective and mutual respect-based cooperation with the Parliament of Azerbaijan. Today is successfully operating the Parliamentary Network on the World Bank and the IMF, which is considered a fundamental discussion platform for parliamentarians from over 140 countries, including the Parliament of Azerbaijan. This platform reveals globally the usefulness and efficiency of mutual technical and expert assistance in developing and enhancing the legal framework of projects jointly carried out by the World Bank and the government of Azerbaijan.

Celebrating the 30th anniversary of these relations today also lays the groundwork for the World Bank's participation in a new stage of development in Azerbaijan. Thus, there are opportunities for the World Bank, as a reliable partner, to undertake and carry out the work of coordinating interested regional and international organizations to achieve common well-being based on UN appeals, ensure the sustainability of peace and security, as well as coordinate economic and infrastructural work within the framework of reconstruction and rehabilitation work carried out in the territories liberated in the Second Karabakh-Patriotic War under the leadership of the Supreme Commander-in-Chief, the Great Commander, President Ilham Aliyev.

Azerbaijan has consistently positioned itself as a dependable partner in the implementation of the 2030 Agenda as well as all agreed decisions by highly appreciating the activities of its partners in areas of joint activity and building its future policy on professionalism, reliability, and mutual respect.

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