Minister of Economy Shahin Mustafayev on Thursday met with Mercy Tembon, the World Bank’s (WB) Regional Director for the South Caucasus, and Naveed Hassan Naqvi, new head of the WB office in Azerbaijan.

In his speech, Shahin Mustafayev noted that Azerbaijan’s economy ranks 37th worldwide for its competitiveness.

They also stressed the importance of mechanisms for supporting in expanding foreign economic relations and increasing export opportunities. It was noted that relations between Azerbaijan and the World Bank are multifaceted, and that joint projects on transport, agriculture, social, water, etc. are carried out.

A total of 40 projects have been implemented jointly with the World Bank and efforts are underway to develop 11 more projects.

M. Tembon added that economic reforms carried out in Azerbaijan are supported by the World Bank and thanks to the government’s socio-economic policies Azerbaijan has achieved the highest result in the region in eliminating poverty.