BAKU, Azerbaijan, October 19.
An exchange of views took place regarding projects currently being
implemented or planned between Azerbaijan and the World Bank
(WB).
This was reflected in a statement published by the Central Bank
of Azerbaijan (CBA) following meeting between a delegation led by
First Deputy Chairman of the CBA, Aliyar Mammadyarov and First
Deputy Minister of Finance, Anar Karimov, and the World Bank’s Vice
President for the Europe and Central Asia region, Antonella
Bassani, on the sidelines of the Annual Meetings of the WB and the
International Monetary Fund (IMF).
During the meeting, information was provided on the country's
macroeconomic environment, development trends in the financial
sector, and the current status of projects being implemented in
cooperation with the WB. Furthermore, it was emphasized that the
long-standing and effective partnership between Azerbaijan and the
WB has made a significant contribution to expanding financial
inclusion, developing the financial sector, and fostering
sustainable economic growth in the country. During the meeting, an
exchange of views also took place regarding mechanisms to support
the achievement of Sustainable Development Goals, as well as
projects, both ongoing and planned, within the framework of the
WB’s Country Partnership Framework for 2025–2029.
Azerbaijan's cooperation with international financial
institutions covers various areas of the economy. Its partnership
with the World Bank encompasses digital development,
infrastructure, energy, transport, agriculture, water management,
employment, and institutional reforms. Since Azerbaijan joined the
bank, approximately $4.9 billion in financing has been allocated
for 53 projects.
These projects have focused on developing the country's
infrastructure, expanding energy and transport capacity, improving
water management, increasing employment, and strengthening
institutional capacity. The World Bank has expressed interest in
continuing its long-standing cooperation with Azerbaijan and
expanding the partnership into new areas.
Azerbaijan's participation in international development
initiatives is another dimension of this cooperation. After
attaining upper-middle-income country status, Azerbaijan increased
its support for international development initiatives in its
capacity as a donor.
Meanwhile, forecasts by international financial institutions
regarding Azerbaijan's economy are important for assessing the
country's growth prospects. According to the World Bank's latest
report, Azerbaijan's gross domestic product (GDP) growth is
projected to rise from 1.2% in 2026 to 1.8% in 2027 and 1.9% in
2028.
The bank attributes the slowdown in economic growth in 2026 to
the continued structural decline in the oil sector and
weaker-than-expected growth in the non-oil economy amid lower
public capital expenditure. However, stronger growth in the non-oil
sector is expected to support an acceleration in overall economic
growth in subsequent years.
