The current state of the World Bank’s credit portfolio for Azerbaijan, as well as priority areas of future cooperation between this influential financial organization and Baku was high on the agenda of talks held between Chairman of the Central Bank of Azerbaijan Elman Rustamov and WB’s newly-appointed Vice President for Europe and Central Asia Cyril Muller.
The sides also discussed the current state of cooperation of Azerbaijan and the World Bank.
Rustamov highlighted his views on how to improve the role of the country’s banking sector, and on macroeconomic stability, and diversification of economy.
He expressed hope that cooperation between Azerbaijan and the World Bank would deepen and the country would benefit from the institutional experience of the bank amid global economic environment and regional challenges.
Muller, in turn, stressed Azerbaijan’s development during the years of independence. He described the bank’s cooperation with CBA as close.
They also discussed the fulfillment of the World Bank-funded projects in Azerbaijan.
Muller was received by President Ilham Aliyev as well. During the meeting President Aliyev said that Azerbaijan is currently at a new stage of development, and stressed the importance of institutional reforms and stimulation of entrepreneurship in terms of the improvement of the business climate in the country.
The sides further exchanged views over the prospects of cooperation between Azerbaijan and the World Bank.
Azerbaijan joined the World Bank in 1992 and since then, World Bank loans to the country have totaled over $3 billion spread over 55 projects. Currently, the World Bank investment portfolio in Azerbaijan includes 16 projects with a total commitment of $2 billion.