EBRD president arrives in Azerbaijan

By Azernews

By Ayya Lmahamad

European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso has arrived on a working visit to Azerbaijan on September 12, Azernews reports.

Earlier, it was reported that the EBRD president will visit the South Caucasus nations from September 12-16, starting her visit with Azerbaijan, then going to Georgia, and concluding her trip to Armenia.

It is planned that in Baku, Odile Renaud-Basso will hold a number of meetings with representatives of the country’s state agencies, will sign an agreement on the bank’s second green city project in Azerbaijan, and inaugurate a joint project with AZPROMO aimed at boosting the country’s telecommunications, media, and technology sectors.

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 ($3.5bn) in 181 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.