Azerbaijan, World Bank prepare M3 Bilasuvar-Astara road project

Azerbaijan and the World Bank are taking steps to prepare a project for the reconstruction of the Bilasuvar-Astara section of the M3 highway, including possible financing and technical assistance from the Bank.

According to Report, citing the Ministry of Finance, First Deputy Finance Minister Anar Karimov met today with a World Bank delegation led by Rolande Pryce, Regional Director for the South Caucasus.

The meeting discussed the main results of the World Bank's Finance for Jobs and Economic Growth (FINGROW) and transport missions, future areas of cooperation, and stronger coordination between relevant government agencies and the World Bank to accelerate project preparation and implementation.

Karimov emphasized the importance of Azerbaijan's partnership with the World Bank in supporting the country's socioeconomic development and reform agenda.

He said there was broad potential to deepen cooperation in expanding access to finance, financing the private sector and developing transport infrastructure.

Regarding preparations for the FINGROW project, Karimov said work was continuing to develop the necessary financial and legal mechanisms for its planned partial credit guarantee and equity financing components, as well as to define the project's conceptual framework.

The sides also noted that the World Bank-financed Regional Roads Development Project had been successfully completed in March this year.

Pryce expressed satisfaction with the development of cooperation between Azerbaijan and the World Bank based on mutual trust and effective partnership.

She said the World Bank was ready to provide financial and expert support for initiatives aimed at expanding access to finance under the FINGROW project and developing transport infrastructure.

The sides stressed the importance of continuing cooperation and strengthening coordination in these areas.