Finance

Finance

World Bank launches consultation on New Partnership Strategy with Azerbaijan

15 January 2010 08:32 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The World Bank is due to launch consultation with the Government of Azerbaijan on the development of a new Country Partnership Strategy (CPS) for Azerbaijan.

The Country Partnership Strategy is a central document defining the World Bank Groupâ€™s support to Azerbaijan to meet the countryâ€™s key development challenges, including reducing poverty, modernizing infrastructure, and improving governance and social services. The CPS guides all Bank operations in the country â€“ lending, analytical work and technical assistance.

The WB Office in Baku said the NEW CPS will cover a period of 2011-2012 after the previous strategy for 2007-2010 approved in 2006.

â€œA delegation of the World Bank will travel on mission to Azerbaijan for the CPS consultation process in January,â€ said the WB Office.

As part of the CPS for 2007-2010, the World Bank Group loaned $1.2 billion in Azerbaijan for two years ($600 million a year).

Azerbaijan became a WBG member in 1992 and has received $2.5 billion for 47 projects since.