EIB allocates $8B to projects in Eastern Partnership countries

By Trend:

The European Investment Bank supports infrastructure and environmental projects in Eastern Partnership countries from Lviv to Baku, said Vazil Hudak, Vice-President of the European Investment Bank (EIB).

He made the remarks during the 4th Eastern Partnership Business Forum Digital Economy: Innovative Platform for Transparent Borderless Business that kicked off in Tallinn Oct 26.

He noted that up to now, the EIB has allocated $8 billion to projects in Eastern Partnership countries.

It is a big figure, he said, adding that teh EIB also focuses on the development of digital economy.

Hudak further noted that it is important that young people in Eastern Partnership countries wouldn't move to attractive countries in terms of business development and stay in their countries.

The 4th Eastern Partnership Business Forum is a traditional side event to the EU Eastern Partnership Summit. The main objective of the forum is to promote cross-border economic relations, transparency, new business opportunities and cooperation between EU and Eastern Partnership countries, with particular focus on SMEs.

In Azerbaijan, the EU assists companies with funding, training, and export support to new markets through the EU4Business initiative. Since 2009, 444 million manats (€222 million) has been provided in total for 14,000 Azerbaijani companies.