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Thursday, August 24, 2017

World Bank to help Azerbaijan diversify economy

The World Bank has agreed to help Azerbaijan diversify its economy and develop its non-oil sector in 2015-2019.

The news comes after the bank's Regional Director for the South Caucasus Henry Kerali met with Azerbaijani Minister of Economy and Industry Shahin Mustafayev in Baku to discuss the outlook for cooperation, Azernews reports.

Mustafayev underlined the importance of implementing projects jointly with international financial institutions in order to apply the world's best practices, ensure control and transparency, and introduce advanced technologies and innovations in the country.

The WB has spent approximately $3.2 billion on 50 projects since Azerbaijan joined in 1992. The implementation of the previous cooperation agreement for the period of 2011-2014 will be completed in the middle of this year.

Discussions also revolved around the prospects for cooperation in establishing pilot industrial quarters in certain regions of Azerbaijan, in particular refugee and IDPs-populated areas in order to boost social and economic development, according to Azernews.