Azerbaijani presidential aide highlights Azerbaijan’s shift from aid recipient to financial donor

Azerbaijan has undergone a significant transformation over recent years, shifting from a nation dependent on foreign aid to one that now provides financial assistance, according to Shahmar Movsumov, Assistant to the President of Azerbaijan.

Speaking at an event on the World Bank’s 2024 World Development Report (WDR), Movsumov highlighted the country’s remarkable progress since joining the World Bank in 1992, Caliber.Az reports.

He noted that Azerbaijan had moved from being a recipient of international aid to becoming a contributor to the World Bank’s International Development Association (IDA).

“After joining the World Bank in 1992, Azerbaijan underwent a profound transformation. The country, once dependent on foreign assistance, has now become a donor, providing financial support to the World Bank’s International Development Association,” Movsumov said.

He went on to emphasize the importance of the World Bank as a key partner for Azerbaijan, particularly in areas such as agriculture, healthcare, transport, infrastructure, education, and digital transformation.

Looking ahead, Movsumov affirmed that the World Bank will continue to be one of Azerbaijan’s primary partners in supporting innovative development initiatives.

Furthermore, he pointed out that Azerbaijan currently ranks 54th among countries with middle-income economies and is a leading nation in the region both politically and economically.

By Aghakazim Guliyev