Azerbaijan, Baku, March 5 / Trend E. Ismayilov /
The World Bank (WB) plans to use the recommendations to be adopted at the second forum on economic policy in Baku on March 5-6 in the cooperation program with Azerbaijan in 2013-2014.
The World Bank High Level Economic Forum aims to give a platform for a detailed discussion of the components of Azerbaijan's future economic policy. The main role will be assigned to the non-oil sector.
It was stressed that Azerbaijan has recently reached a high and dynamic economic growth. The economy has tripled since 2003 and poverty has been reduced by more than five times and brought to an unambiguous level.
Azerbaijan is in search of the development strategy and drivers of growth, far from the hydrocarbon reserves. This will help to join the ranks of countries with high income. A new model of development will be based on great economic diversification, innovations, investment and exports. The conditions will be crated to further improve the efficiency of the public institute, to develop human capital, additional growth in such important area as agriculture. The working population is concentrated there.
Chilean ex-President Ricardo Lagos, president of Peruvian Institute for Liberty and Democracy Hernando de Soto, Adelaide Institute professor Kym Anderson, UNESCO Asia-Pacific Regional Bureau for Education director, Korean former Minister of Education Gwang-Jo Kim, Altura Advisers manager Simon Commander, president of the Russian National Project Institute "Social Contract", professor Auzan Alexander will share experience at the forum.
The current strategy of cooperation with Azerbaijan covers 2011-2014.
The strategy is based on such priorities as strengthening of the non-oil sector of the economy, including infrastructure development and agriculture. Moreover, the bank's activities will also focus on strengthening the effectiveness of social services, including health, education, social protection and water supply.
The government appealed to the World Bank with a request to allocate about $1 billion for the entire four-year strategy.
The amount of lending is expected to be approximately $ 380 million within the first two years.
Taking into account the level of income per capita in Azerbaijan to the amount of $4,820, which moves the country into the group of the countries with an average economic welfare, 2011 was the last year of concessional financing from the World Bank. The International Finance Corporation (IFC) will increase its investment program in the country to nearly $ 200 million during the period of the strategy.
The World Bank has invested a total of around $2.9 billion in 43 projects in Azerbaijan since the country joined the International Bank for Reconstruction and Development (EBRD is a member of the WB Group) in 1992 and the International Finance Corporation (IFC) in 1995. The latter's liabilities, since Azerbaijan joined it in 1995, are equivalent to nearly $350 million on 45 projects.