Azerbaijan, World Bank outline plans for loan-financed development projects

Azerbaijan’s Finance Minister, Sahil Babayev, met with a World Bank delegation led by Charles Cormier, the Regional Director for Infrastructure for Europe and Central Asia. The delegation also included Rolande Pryce, the World Bank Regional Director for the South Caucasus.

The meeting focused on the current state and future trajectory of Azerbaijan’s cooperation with the World Bank, ongoing projects supported by the institution, and upcoming initiatives in infrastructure, energy, and digitalization, Caliber.Az reports, citing Ministry of Finance of Azerbaijan.

Highlighting the long-standing partnership, Babayev noted that over the past three decades, the World Bank has allocated approximately $5.2 billion to Azerbaijan across 54 projects. He emphasized that this collaboration has played a pivotal role in driving economic reforms and establishing sustainable infrastructure in the country.

The discussions reviewed progress on existing joint projects, including “Expanding the Use of Renewable Energy Sources,” “Support to Employment,” and “Regional Roads and Development,” underscoring the tangible impact of World Bank assistance on Azerbaijan’s development priorities.

Looking ahead, the officials also addressed forthcoming projects slated for World Bank financing, such as the “Expansion of Baku International Sea Trade Port,” “Competitive and Sustainable Agriculture and Irrigation Services,” and “Viable Baku.” These projects are expected to further strengthen Azerbaijan’s economic resilience and infrastructure capacity.

By Vafa Guliyeva