Azernews.Az

By Aynur Jafarova

The World Bank's new strategy for Azerbaijan should be developed by May 2015, bank's country Manager for Azerbaijan Larisa Leshchenko told Trend Agency.

She said currently, the budget and the main directions of the strategy are being discussed and the systematic diagnosis would start soon.

"Currently, the World Bank has adopted a new approach to the development of strategy. Before discussing the strategy itself, the bank holds so-called systematic diagnosis of the country's economy. As a result of it, the key challenges for the country that need to be addressed are being identified. The main directions of the future strategy will be determined on the basis of these challenges," Leshchenko noted.

She went on adding that a special group, which is engaged in analytical work, assesses the situation and determines the directions for cooperation.

"All these works will be conducted in the next three to four months. The strategy should be finalized by May 2015 [earlier the approval of the strategy was expected in the first quarter]. In fact, intensive consultations on the concept of strategy, priority directions, and etc. will be conducted in fall and winter," Leshchenko said.

She also noted today it is difficult to speak about new projects.

"We are engaged in a dialogue on various directions of cooperation, but it should be a joint decision of the Azerbaijani government and the World Bank," Leshchenko stressed.

The World Bank official believes the cooperation will continue in the infrastructural fields.

The current World Bank investment portfolio in Azerbaijan includes 17 projects. Since joining the World Bank in 1992, commitments to the country have totaled over $3 billion for 54 projects.