The World Bank has determined the main directions in a new business strategy for Azerbaijan, the head of the WB representative office in Azerbaijan Larisa Leshchenko told reporters Feb. 2.

"The main directions of the WB new strategy in Azerbaijan, which will cover six years, will include: the development of the private sector, the reduction of the economy's dependence on energy exports, drawing private investments, as well as the proper use of existing resources and reserves," Leshchenko said.

She said that Azerbaijan still faces the issue of diversification of the economy.

"The work in this direction has been actively conducted for the last four-five years,” she said. “However, the non-oil sector is growing mainly due to state investments. It is necessary to actively attract private investors to this process."

The WB has noticed an increase in the growth rate of the private sector development in the country, Leshchenko said.

"It is necessary to remove the barriers hindering business as quickly as possible,” she said. “This will further ensure the development and sustainability of the sector."

The new strategy of the bank's activity in Azerbaijan must be prepared by May 2015.

The current strategy of cooperation with Azerbaijan is designed for 2011-2014.

Azerbaijan has been a WB member since 1992. The amount of loan agreements signed between Azerbaijan and WB hits $4.086 billion.