World Bank Group To Support More Competitive, Greener Economy In Azerbaijan

(MENAFN- Trend News Agency)
BAKU, Azerbaijan, January 29. The World Bank
Group (WBG) Board of Directors today discussed a new Country
Partnership Framework (CPF) for Azerbaijan, outlining its strategic
engagement with the country over the next five years. The CPF aims
to support Azerbaijan’s transition to a more competitive, greener,
and inclusive economy, and in addressing key development challenges
facing the country, Trend reports, citing the World bank Group.

The strategy focuses on two high-level outcomes: increased
productivity and better jobs and increased resilience and
sustainability. 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.

E nhancing 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.

“This CPF reflects our commitment to supporting Azerbaijan’s
transformative journey toward a more sustainable and prosperous
future,” saidStefanie Stallmeister, World Bank Country Manager
for Azerbaijan. “We are confident that our partnership will
help Azerbaijan unlock its full economic potential.”

The collaboration between IBRD, IFC, and MIGA is at the core of
the CPF, which will be implemented through a combination of
investments and advisory services. The WBG will also work closely
with other development partners and the private sector to maximize
development impact.

“IFC is committed to sustainable development in Azerbaijan,
mobilizing private investments to enhance infrastructure, energy
access, and key sectors such as green finance, agriculture
and water, transport, and digital connectivity. These efforts aim
to foster growth, job creation, and resilience,” said Ivana
Fernandes Duarte, IFC’s Regional Manager for the South
Caucasus.

The CPF is aligned with Azerbaijan’s Strategy for Socio-Economic
Development for 2022-2026 and the World Bank’s Evolution Roadmap,
which emphasizes the importance of addressing global challenges
such as climate change, inequality, and fragility.

Azerbaijan joined the World Bank in 1992. Since then, the World
Bank has supported the country through more than 50 investment
operations aimed at economic diversification, infrastructure
development, public governance and social improvements. Azerbaijan
has also benefited from a variety of advisory and technical
assistance programs to build capacity and implement reforms in key
sectors.

Azerbaijan became a member of IFC in 1995. Since then, IFC has
invested around $900 million in Azerbaijan, financing nearly 60
projects in financial services, infrastructure, and manufacturing,
as well as advising on improving the business environment,
financial sector development, corporate governance, small and
medium enterprises, and agribusiness.

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