Media Climate

November 08, 2015

Azerbaijan, WB interested in environmental projects

wb_gorush_020715Azerbaijan is interested in expanding cooperation with the World Bank in various environmental projects.This preceding statement was    issued by Economy and Industry Minister Shahin Mustafayev at a meeting with a delegation headed by World Bank Regional Director for  the South Caucasus Henry Kerali, the Ministry reported on June 2. The minister noted that the environmental projects include monitoring the  ecological state of the lakes in Baku and especially the cleaning of Boyukshor Lake. The restoration of Boyukshor, the largest lake in  Absheron, is underway and expected to be completed by 2020. Mustafayev also noted the possibility of cooperation with the World Bank in  industrial parks in Balakhani, Sumgayit, Mingachevir and the industrial area in Neftchala. The meeting discussed the current situation in the  relations between Azerbaijan and the World Bank and the prospects of cooperation.


The minister noted the importance of projects implemented in cooperation with international financial institutions.


Mustafayev stressed the versatility of cooperation with the World Bank, and noted the continuation of work on economic diversification, development of non-oil sector, and the improvement of the business environment. The minister said that to date, the World Bank has allocated loans totaling $ 3.6 billion for the implementation of 51 projects in Azerbaijan, of which 35 projects have been completed while 16 projects are ongoing. Azerbaijan has been a WB member since 1992. He said that in the three years of Kerali’s work as the Regional Director for the South Caucasus, relations with the World Bank have expanded further. Six projects worth $600 million have been financed. Kerali, in turn, noted that the World Bank attaches great importance to cooperation with Azerbaijan. He expressed confidence that the World Bank will continue to provide financial and technical support to projects in the country.