BAKU, Azerbaijan, October 2. Azerbaijan and the World Bank have discussed cooperation in financial access and transport during a meeting today in Baku.
The discussion was held at a meeting between the First Deputy Minister of Finance of Azerbaijan, Anar Karimov and a World Bank delegation led by Regional Director for the South Caucasus Rolande Pryce, the Azerbaijani Finance Ministry told Trend.
The meeting addressed the key outcomes of the World Bank's Financial Inclusion for Jobs and Growth (FINGROW) and transport missions, future areas of cooperation, as well as strengthening coordination between the World Bank and relevant government agencies to accelerate project preparation and implementation.
Karimov highlighted the importance of partnership with the World Bank in supporting Azerbaijan's socio-economic development and implementing its reform agenda. He noted that there are broad opportunities to deepen cooperation in expanding access to finance, financing the private sector and developing transport infrastructure.
Regarding preparations for the FINGROW project, Karimov said work was continuing to establish the necessary financing and legal mechanisms for implementing the partial credit guarantee and equity financing components envisaged under the project, as well as to define the project's conceptual framework.
The sides also noted that the World Bank-financed Regional Roads and Development project was completed in March this year. It was reported that, as part of continued cooperation in the road sector, relevant measures are being taken to prepare the Reconstruction of the Bilasuvar-Astara Section of the M3 Highway project and secure World Bank financing and technical assistance.
In turn, Pryce expressed satisfaction with the development of cooperation between Azerbaijan and the World Bank based on mutual trust and effective partnership. She said the World Bank was ready to provide financial and expert support for initiatives aimed at expanding access to finance and developing transport infrastructure under the FINGROW project.
The sides stressed the importance of continuing cooperation in these areas and strengthening coordination.
