ECONOMY
Azerbaijan, WB discuss new projects
Baku, June 20 (AZERTAC). Azerbaijan and the world Bank have today discussed prospects for implementing new bilateral projects as the country`s deputy Prime Minister, chairman of the State Committee for Refugees and IDPs Ali Hasanov met the organization`s former regional director for the South Caucasus Asad Alam and his successor Henry Kerali.
Hasanov hailed the Azerbaijan-WB cooperation whose foundations were laid in 1992.
“These years of cooperation gave us great experience. We signed four projects with the World Bank worth 125 million US dollars to improve the living conditions of refugees and internally displaced persons.”
Hasanov touched upon the WB`s Azerbaijan: Internally Displaced Persons (IDPs) Economic Development Support Project, saying its first tranche was $10 million.
“The term of the project was five years, and the next years saw the increase in the funding, while the duration of the project decreased. And this is a result of our enriching experience.”
“Although the material resources of the government of Azerbaijan are growing, we maintain credit cooperation with the world`s reliable and experienced financial institutions,” Hasanov noted.
He praised Alam`s contribution to developing the Azerbaijan-WB cooperation during his tenure.
Alam, in turn, thanked the State Committee for Refugees and IDPs for assisting the World Bank in implementing its programs in Azerbaijan.
He hailed the Azerbaijani government`s policy towards improving the living conditions of refugees and IDPs, saying Azerbaijan is a model for other countries.
Alam said it was no coincidence that Azerbaijan had become a member of the United Nations High Commissioner for Refugees Executive Committee.
Kerali vowed to make every effort to contribute to strengthening the cooperation between Azerbaijan and the World Bank.