Azernews.Az

By Ayya Lmahamad

A grant agreement between the European Union (EU) and the World Bank (WB) will be signed in Baku on February 16, Trend has reported.

The document provides for the provision of technical assistance to the Azerbaijani government in several directions.

"The agreement term is three years and the cost is $5.25 million," the statement said.

The agreement will be signed by the World Bank country manager for Azerbaijan Sarah Michael and the EU Delegation to Azerbaijan head Peter Michalko.

Moreover, the agreement includes the four priorities of the EU activities in Azerbaijan and the five national priorities of Azerbaijan.

It should be noted that the EU invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021. Azerbaijan’s trade turnover with the EU amounted to $15.2 billion last year. The Delegation of the European Commission to Azerbaijan was opened in Baku in February 2008.

Azerbaijan joined the World Bank in 1992. Since then, the bank has financed over 50 projects with a total commitment of $4.4 billion. It began economic cooperation with Azerbaijan to assist in the development of institutional capacity and the efficient management of oil reserves. The World Bank has consistently backed Azerbaijan's large-scale reforms.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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