Azerbaijan, World Bank mull post-pandemic economic development [PHOTO]

14 July 2021 17:35 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan and the World Bank (WB) have discussed the dynamics of the economy in the post-pandemic period and the measures to mitigate effects of COVID-19 on economy.

During the meeting held between Azerbaijan’s Center for Analysis of Economic Reforms and Communications Executive Director Vusal Gasimli and WB’s Country Manager Sarah Michael on July 14, the sides also discussed the prospects for further cooperation in the restoration of Azerbaijan’s liberated territories, the smart village development plan and the exploration of regional logistics and trade opportunities.

WB’s support in the preparation of economic, social and institutional reforms implemented over the five years of the Center’s activities was high on the agenda of the meeting.

In particular, the bank’s support in integrating the Center into international monitoring and evaluation organizations and implementation of joint projects was emphasized.

Furthermore, Sarah Michael spoke about the work done by the WB in human capital development, finance, smart villages, among others.

Additionally, it was noted that the joint cooperation between the Center and the Bank in the discussed sectors would continue in the future.

Azerbaijan joined the World Bank in 1992. Since then, the World Bank has financed over 50 projects with total commitments of $4.4 billion. The Bank started economic cooperation in the country to help increase the country’s institutional capacity and to build efficient management of oil reserves. The World Bank 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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