(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 29. The World Bank Group (WBG) Board of Directors today discussed a new Country Partnership Framework (CPF) for Azerbaijan, outlining its strategic engagement with the country over the next five years. The CPF aims to support Azerbaijan's transition to a more competitive, greener, and inclusive economy, and in addressing key development challenges facing the country, Trend reports, citing the World Bank Group.

The strategy focuses on two high-level outcomes: increased productivity and better jobs and increased resilience and sustainability. 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.
• E nhancing 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.

"This CPF reflects our commitment to supporting Azerbaijan's transformative journey toward a more sustainable and prosperous future," saidStefanie Stallmeister, World Bank Country Manager for Azerbaijan. "We are confident that our partnership will help Azerbaijan unlock its full economic potential."

The collaboration between IBRD, IFC, and MIGA is at the core of the CPF, which will be implemented through a combination of investments and advisory services. The WBG will also work closely with other development partners and the private sector to maximize development impact.

"IFC is committed to sustainable development in Azerbaijan, mobilizing private investments to enhance infrastructure, energy access, and key sectors such as green finance, agriculture and water, transport, and digital connectivity. These efforts aim to foster growth, job creation, and resilience," said Ivana Fernandes Duarte, IFC's Regional Manager for the South Caucasus.

The CPF is aligned with Azerbaijan's Strategy for Socio-Economic Development for 2022-2026 and the World Bank's Evolution Roadmap, which emphasizes the importance of addressing global challenges such as climate change, inequality, and fragility.

Azerbaijan joined the World Bank in 1992. Since then, the World Bank has supported the country through more than 50 investment operations aimed at economic diversification, infrastructure development, public governance and social improvements. Azerbaijan has also benefited from a variety of advisory and technical assistance programs to build capacity and implement reforms in key sectors.

Azerbaijan became a member of IFC in 1995. Since then, IFC has invested around $900 million in Azerbaijan, financing nearly 60 projects in financial services, infrastructure, and manufacturing, as well as advising on improving the business environment, financial sector development, corporate governance, small and medium enterprises, and agribusiness.

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