Baku: The financial sector plays a crucial role in financing economic growth, said Taleh Kazimov, Chairman of the Central Bank of Azerbaijan, during his speech at the presentation event of the World Bank’s annual global report, APA-Economics reports.

According to Azeri-Press News Agency, the Chairman of the Central Bank of Azerbaijan (CBA) has noted that the main goal is to direct both domestic and foreign investments, particularly towards innovations, and to provide financial support for this sector. Kazimov expressed confidence that by effectively using the strong and stable financial sector, it is possible to avoid the middle-income trap.

Taleh Kazimov further stated that the Central Bank will continue to work closely with the government, the World Bank, and other interested sides to ensure that policies align with the strategic priorities of the updated World Bank Country Partnership Framework for 2025-2029.