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Azerbaijan 3rd Biggest Borrower of World Bank`s Europe and Central Asia Region

The World Bank has so far pledged up to $3 billion in loans to Azerbaijan. With 20 currently active projects in the country, that makes Azerbaijan the third largest borrower of World Bank funds in the European and Central Asian regions.

"Azerbaijan dynamically and constantly collaborates with the World Bank in executing programs as [part of the] transition to [a] market economy, implementing difficult structural reforms, improvement of social and production infrastructures, development of small and medium entrepreneurship, and poverty reduction," said Elmar Rustamov, head of the Central Bank of Azerbaijan at an event dedicated to the World Bank's 20 years of activity in Azerbaijan. "The World Bank gave its full dedication to the reforms and improvements in financial and macroeconomic management sectors throughout this period.".

In the coming decade, Azerbaijan is determined to reach a higher level of well-being and inclusive progress. President Ilham Aliyev's "Azerbaijan 2020 – The vision of the future" is expected to pave the way for new economic growth in the coming years.

Source: AzerTAg

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