Joint protects with EBRD to boost national economy diversification

By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov has said that the projects implemented jointly with the European Bank for Reconstruction and Development (EBRD) contribute to sharing best practices and promoting diversification of Azerbaijan's economy.

He made the remarks on his official Twitter account on September 21.

During the meeting with EBRD Managing Director for Eastern Europe and the Caucasus Matteo Patrone and  Regional Director for Caucasus Catarina Bjorlin Hansen, the parties discussed the Bank's participation in the development of Azerbaijan's liberated lands.

Moreover, the parties discussed the implementation of the Ganja Green City Programme and its possible realization in other cities. In addition, new investment projects were discussed during the meeting as well.

Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.

The bank is a leading investor in Azerbaijan. To date, the EBRD has invested over 3 billion euros ($3.5bn) in 177 projects in Azerbaijan’s economy.

The country has been cooperating with EBRD since 1992 to achieve further economic development. One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.

Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest recipients of this organization’s funds in the CIS and Eastern Europe.