EIB financing to Azerbaijan could be complemented with technical assistance for projects preparation

Trend:

European Investment Bank (EIB) financing to Azerbaijan could be complemented with technical assistance for projects preparation, the Bank told Trend.

EIB said so far it has supported the development of the private sector in the country, with credit lines extended to local banks for the purpose of improving access to finance of SMEs.

"With its recent loan to TAP project, the EIB is also a major co-financier of the Southern Gas Corridor," said the Bank.

In line with its mandate, the EIB said it is ready to step up its cooperation with the Republic of Azerbaijan in a diversified range of high priority sectors, within the framework of EU policies.

"The long term financing offered by the EIB could be complemented with technical assistance for projects preparation and implementation that EIB could mobilise from donors and the EU. The aim would be to achieve more affordable financing package for the country, bring EIB’s expertise and EU standards," said the Bank.

EIB said the EU is the biggest trading partner of the Republic of Azerbaijan and also the biggest investor in the country.

"Also, the Republic of Azerbaijan participates to the Eastern Partnership, which celebrates its 10th anniversary in 2019. The cooperation between the EIB and the Republic of Azerbaijan started in 2013 and is expected to develop gradually. Both parties foresee three high-level objectives: development of social and economic infrastructure, support to private sector development and climate change mitigation and adaptation," the Bank said.