Baku: It has been 30 years since the World Bank allocated its first loan to Azerbaijan.

According to Azeri-Press News Agency, the World Bank's initial support came through the Oil Sector Technical Assistance Project, which funded advisory services to promote foreign investment in Azerbaijan's oil sector. The project had a total allocation of $20.8 million and included support for improving the legislative framework and addressing numerous issues within the oil industry.

To date, the World Bank has provided more than $4.5 billion in funding to Azerbaijan for over 50 projects.