World Bank unveils 5-year strategy to boost Azerbaijan’s economy and sustainability

The World Bank Group (WBG) has introduced a new Country
Partnership Framework (CPF) for Azerbaijan, aiming to drive
economic growth, job creation, and climate resilience over the next
five years, Azernews reports.

The plan focuses on improving the business environment,
expanding digital and transport connectivity, accelerating the
shift to renewable energy, and strengthening climate adaptation
efforts.

Specifically, the CPF will support Azerbaijan in:

– Improving the business environment and enhancing access to
more and better jobs, such as by supporting job creation and
micro-, small-, and medium-sized enterprise development, and
enhancing access to finance with focus on sustainable and green
finance, fostering inclusion through support of women entrepreneurs
and vulnerable groups.

– Strengthening transport and digital connectivity by focusing
on the development of the Middle Corridor for trade and transit,
improving digitalization and digital connectivity, and promoting
the adoption of emerging technologies like artificial
intelligence.

– Accelerating the shift to renewable energy by strengthening
energy transmission infrastructure, attracting private investment
in renewable energy projects, battery storage, and promoting the
development of green energy corridors.

– Enhancing adaptation to climate change by advancing the
development of climate-resilient urban ecosystems including green
buildings and climate-smart agriculture practices, as well as by
improving water efficiency and security, including through
expanding private sector participation.

With an emphasis on private sector engagement, green finance,
and digital innovation, the strategy aligns with Azerbaijan’s
2022-2026 Socio-Economic Development Strategy. The International
Finance Corporation (IFC) will play a key role in mobilizing
private investments in infrastructure, agriculture, and energy.

“This CPF reflects our commitment to Azerbaijan’s transformative
journey toward a more sustainable and prosperous future,”said
Stefanie Stallmeister, World Bank Country Manager.

Since joining the World Bank in 1992 and IFC in 1995, Azerbaijan
has received over $900 million in investments for economic
diversification and infrastructure development.

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