President of the Republic of Azerbaijan Ilham Aliyev received at the Presidential Palace a delegation led by Director of the World Bank for the South Caucasus Donna Dowsett-Coirolo, November 11.

Sincerely welcoming the guests, President Ilham Aliyev in particular said relations between the WB and Azerbaijan are on a very high level and rapidly developing. Due to the many years of cooperation in the various spheres, we have gained great results and successes. In particular, as Azerbaijan has implemented its oil strategy we have always felt the WB support. The attention paid to Baku-Tbilisi – Ceyhan project indicates the World Bank’s serious approach to this issue. Taking the opportunity, I want to express my gratitude to you. The oil strategy worked out ten years ago on the initiative of Heydar Aliyev has brought great successes to Azerbaijan. The WB’s support of non -oil sector development is of great significance for Azerbaijan. We try to do our best for Azerbaijan economy to develop in all spheres and not depend merely on oil sector. We are very pleased that along with the cooperation in economic sphere, the WB pays great attention to solving social problems as well and carries out to this end an important work in the sphere of poverty reduction.

Having expressed her gratitude for the sincere words Donna Dowsett- Coirolo conveyed to President Ilham Aliyev congratulations and greetings of the WB President Mr. Wolfensohn. Mrs. Donna Dowsett-Coirolo also extended congratulations and best wishes to Ilham Aliyev on behalf of herself and on behalf of WB’s group for Azerbaijan. She pointed out that the group members express their great satisfaction with process taken place in Azerbaijan.

“ Azerbaijan is facing important tasks You touched upon at the inauguration. I hope our links for strengthening of our relations to solve them” she said.

According to Mrs. Donna Dowsett-Coirolo along with such large-scale projects as Baku-Tbilisi – Ceyhan there are other important spheres connecting the WB and Azerbaijan: use of oil revenues, management of oil fund of Azerbaijan, control over budget expenditures and in all management of financial resources. She expressed hope for further development of cooperation with Azerbaijan.

President Ilham Aliyev thanked Mrs. Donna Dowsett- Coirolo thanked for the cooperation and said in particular: “ You have touched upon the oil fund. Indeed, the founding of this fund was very momentous event in Azerbaijan’s modern history.

As you know, this fund is a very transparent structure, and has been given a high assessment by many international organizations. We study international experience in this sphere and carry out our policy on the base of the International Monetary Fund’s recommendations. The oil revenues create the most favorable conditions for all-sided development of Azerbaijan and every citizen of our country will feel this in his every day life.

President Ilham Aliyev expressed hope for further development of cooperation with the World Bank and other international financial structures for successful cooperation.

Mrs. Donna Dowsett-Coirolo said in her turn Mr. President we want Azerbaijan to serve as a pattern for other countries, and we want to be proud of You.

In conclusion, Mrs. Donna Dowsett-Coirolo expressed to President Ilham Aliyev her best wishes for success.

* * *

Present at the reception were State Adviser for Economic Policy Vahid Akhundov and head of the WB’s representative office in Azerbaijan Akbar Noman.