AZERBAIJAN | Overview
Official name: Republic of Azerbaijan
Official languages: Azerbaijani
Monetary unit: (new) manat (AZN)
Population (million - 2013): 9.4
Total area (sq km): 86, 600
Located in the South Caucasus, at the crossroads between Europe and Asia, Azerbaijan is upper-middle-income country, whose gross national income per capita has increased tenfold since 2001. The strong economic growth allowed major investments in infrastructure, and a steep decline in poverty rates from 46.7 percent in 2002 to 8.4 percent in 2011.
It is rich in natural resources, most notably oil and natural gas, which served as a major booster of high economic growth and poverty reduction. Despite historically robust growth, Azerbaijan is exploring new sustainable sources of growth in the non-oil sector to foster continued development in the economy and to improve social welfare. In addition to improvements in physical and social infrastructure, the government seeks to utilize the capacity of economy through supporting agribusiness and tourism sectors that serve meaningful components of the non-oil economy and have significant potential for boosting export revenues.
Year joined ICD:
Number of projects approved: 18
Gross Approval ($US million): 143.82
Gross Disbursement ($US million): 102.86