Azerbaijan, EBRD sign various cooperation documents

By Azernews

By Ayya Lmahamad

Azerbaijan and the European Bank for Reconstruction and Development (EBRD) have signed various cooperation documents, Azernews reports.

A document was signed between the EBRD and the Azerbaijani Caspian Shipping Company. According to the document, the bank will allocate large-scale loans without the state guarantee to the financing of the projects aimed at modernizing the fleet of the Caspian Shipping Company.

Moreover, grant, loan, and project agreements were signed on the “street lighting” project implemented within the “Ganja-Green City Program”. The agreements provide for the improvement of infrastructure and the introduction of green technologies in Ganja city.

“During the meeting with President of the @EBRD Odile Renaud-Basso (@OdileRenaud), we discussed the cooperation prospects and implementation of the joint projects with the Bank. In accordance with the documents signed today, the #EBRD will allocate large-scale loans without the state guarantee to the financing of the projects aimed at the modernization of the fleet of the Caspian Shipping Company under Azerbaijan Investment Holding (@AzInvestHolding). Additionally, within the framework of the "Ganja-Green City Program", the "Street lighting" project is intended to be carried out and improve the infrastructure in Ganja city," Mikayil Jabbarov wrote on his official Twitter page.

During the meeting, it was stressed that Azerbaijan attaches great importance to the development of relations with the EBRD. The parties noted that so far the bank has invested about 3.7 billion euros into 181 projects in Azerbaijan, stressing that the joint projects with the EBRD expand the use of best practices, advanced technologies, and innovations in various spheres of the country’s economy.

Stressing the priorities of socio-economic development of Azerbaijan until 2030, the minister said the goals reflected in the EBRD document "Strategic and Capital Framework for 2021-2025" are in line with those set for the economy of Azerbaijan.

“This creates a solid foundation for new areas of cooperation between Azerbaijan and the EBRD,” Mikayil Jabbarov said.

In her turn, EBRD President Odile Renaud-Basso highlighted the bank’s long-term and effective partnership with Azerbaijan and noted the bank’s intention to continue supporting Azerbaijan’s economy. In this regard, she added that the economic potential of Azerbaijan creates additional opportunities for expanding relations.

“During our business discussions with @EBRD President Odil Reno-Basso (@OdileRenaud), we discussed energy, especially #renewableenergy, the development of #SME-s, cooperation with state enterprises, improvement of the business environment and information technology ecosystem, as well as the bank's potential participation in projects implemented in the liberated territories freed from occupation. There are attractive opportunities for deepening of the cooperation," Mikayil Jabbarov wrote on another Twitter post.

Additionally, it was also announced that the IT hub project will be launched as part of a cooperation between Azerbaijan and the EBRD. The work to be done within the project will contribute to strengthening human resources potential with modern knowledge and skills and inclusive development of regions.

Within the framework of her visit to Azerbaijan, Odile Renaud-Basso also met with the country’s State Oil Fund’s top management. During the meeting, the EBRD delegation was provided with an overview of the fund’s role in ensuring macroeconomic stability in the country and introduced to its investment policy and the main directions of its investment portfolio.

SOFAZ CEO Israfil Mammadov mentioned the main goals of Azerbaijan's 2022-2026 Socio-Economic Development Strategy and emphasized the importance of continued cooperation in this field with the international financial organizations operating in the country. He acknowledged the impact of medium and long-term projects financed by the EBRD to diversify the country's economy.