TODAY.AZ / Business

EBRD allocates $1.7 billion to Azerbaijan so far

08 September 2017 [13:34] - TODAY.AZ

By Azernews

By Amina Nazarli

The European Bank for Reconstruction and Development (EBRD) has allocated $1.7 billion for implementation of 151 projects in the country since the beginning of its cooperation with Azerbaijan.

Minister of Economy Shahin Mustafayev revealed the figure at a meeting with EBRD President Suma Chakrabarti, who is currently on a visit in Baku.

The minister added that Azerbaijan attaches great importance to cooperation with the EBRD.

He informed the EBRD president about recent reforms that have been implemented in Azerbaijan in various spheres of economy, especially those aimed at developing the private sector.

In turn, Chakrabarti expressed satisfaction with his visit to Baku. He pointed out the importance of such visits for holding EBRD-Azerbaijan talks. The EBRD head also shared his opinions regarding the possibilities of expanding cooperation with Azerbaijan.

The sides also mulled financial support to the private sector, the Southern Gas Corridor project, transport infrastructure and a domestic waste management project.

The European Bank for Reconstruction and Development (EBRD) also allocated over €294 million since the beginning of cooperation to support small and medium-sized enterprises (SMEs) in Azerbaijan.

Within the visit, the delegation was received by President Ilham Aliyev, who noted that the EBRD's loan portfolio in Azerbaijan is about $3 billion, praising the fact that its major part is being channeled into the private sector.

He described this as a clear manifestation of the expansion of the private sector of Azerbaijan's economy.

The EBRD is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.

The Bank was established to support countries of the former Eastern Bloc in the process of establishing their private sectors. To that end, it offers "project financing" for banks, industries and businesses, for new ventures or existing companies.

One of the main priorities of the EBRD in Azerbaijan for 2017 is support the local corporates with direct financing. The EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.


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