Azernews.Az

Nazrin Abdul

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The World Bank Group (WBG) has introduced a new Country Partnership Framework (CPF) for Azerbaijan, aiming to drive economic growth, job creation, and climate resilience over the next five years, Azernews reports.

The plan focuses on improving the business environment, expanding digital and transport connectivity, accelerating the shift to renewable energy, and strengthening climate adaptation efforts.

Specifically, the CPF will support Azerbaijan in:

- Improving the business environment and enhancing access to more and better jobs, such as by supporting job creation and micro-, small-, and medium-sized enterprise development, and enhancing access to finance with focus on sustainable and green finance, fostering inclusion through support of women entrepreneurs and vulnerable groups.

- Strengthening transport and digital connectivity by focusing on the development of the Middle Corridor for trade and transit, improving digitalization and digital connectivity, and promoting the adoption of emerging technologies like artificial intelligence.

- Accelerating the shift to renewable energy by strengthening energy transmission infrastructure, attracting private investment in renewable energy projects, battery storage, and promoting the development of green energy corridors.

- Enhancing adaptation to climate change by advancing the development of climate-resilient urban ecosystems including green buildings and climate-smart agriculture practices, as well as by improving water efficiency and security, including through expanding private sector participation.

With an emphasis on private sector engagement, green finance, and digital innovation, the strategy aligns with Azerbaijan’s 2022-2026 Socio-Economic Development Strategy. The International Finance Corporation (IFC) will play a key role in mobilizing private investments in infrastructure, agriculture, and energy.

“This CPF reflects our commitment to Azerbaijan’s transformative journey toward a more sustainable and prosperous future,”said Stefanie Stallmeister, World Bank Country Manager.

Since joining the World Bank in 1992 and IFC in 1995, Azerbaijan has received over $900 million in investments for economic diversification and infrastructure development.