World Bank reaffirms support for Azerbaijan’s development agenda

The World Bank remains committed to supporting Azerbaijan’s long-term development agenda, Regional Director Rolande Pryce said at a meeting with Sahil Babayev, Azerbaijan’s Minister of Finance.

During the event in Baku, the two sides discussed economic diversification and development priorities, Caliber.Az reports, citing the ministry.

According to the ministry, the World Bank presented its report titled Diversification and Development in Azerbaijan, with both sides exchanging views on its key conclusions and the implications for Azerbaijan’s ongoing diversification agenda.

Minister Babayev highlighted that cooperation with the World Bank has significantly contributed to Azerbaijan’s socio-economic development, noting successful collaboration in infrastructure modernisation, energy transition, transport connectivity, social protection, and public administration reforms.

He stressed that economic diversification remains a central priority for the Azerbaijani government, outlining ongoing efforts to expand the non-oil sector, improve the investment climate, increase export capacity, strengthen human capital, and accelerate digital transformation.

Babayev also underlined the importance of maintaining macroeconomic stability and fiscal sustainability, pointing to modern public financial management practices, stronger fiscal discipline, and rising non-oil revenues as key factors for long-term resilience. He added that the development of ICT, financial services, tourism, and regional transport-logistics networks remains essential to the country’s diversification strategy.

The meeting also covered improvements in the governance of state-owned enterprises, including enhanced transparency, accountability, and risk management frameworks.

For her part, Rolande Pryce expressed satisfaction with the ongoing cooperation between Azerbaijan and the World Bank, noting the institution’s interest in further expanding collaboration in areas such as private sector development, green growth, energy transition, digitalisation, public sector governance, and human capital development. She reaffirmed the World Bank’s commitment to supporting Azerbaijan’s long-term development goals.

The meeting concluded with both sides emphasising the importance of continued cooperation and dialogue on economic and financial issues of mutual interest.

By Bakhtiyar Abbasov