Azerbaijan can serve as example for other countries

Azerbaijan can serve as example for other countries

Azerbaijan’s success achieved as a result of the implementation of socio-economic policy can serve as an example for other countries, the World Bank (WB) Regional Director for the South Caucasus Mercy Tembon said at a meeting with Azerbaijan’s Economy Minister Shahin Mustafayev.

She said that the WB supports the ongoing economic reforms in Azerbaijan.

In turn, Minister of Economy Shahin Mustafayev noted that Azerbaijan attaches great importance to cooperation with the WB, and also highly appreciates the technical and financial assistance that the bank provides for the diversification of the economy and the development of small and medium-sized enterprises (SMEs).

The minister noted that in general, the WB and Azerbaijan have jointly implemented up to 50 projects, and the work on seven of them is still ongoing. Azerbaijan and the WB successfully cooperate in agriculture, water supply, justice, social, medical and other fields, he added.

The minister also informed the guest about the work to develop the economy, including the non-oil sector, about strengthening the private sector, encouraging investments and other measures.

The minister reminded that in the last Doing Business report, Azerbaijan improved its position by 32 notches and took the 25th place, and also entered the list of 10 reformer countries.

The parties also discussed the possibility of expanding cooperation.