Baku, EU consider financial groups' contribution to Karabakh rehabilitation

By Azernews

By Ayya Lmahamad

Azerbaijan and the European Commission have discussed the participation of EU financial institutions in the rehabilitation of the country’s liberated lands.

The discussion took place between Azerbaijani Foreign Minister Jeyhun Bayramov and European Commission Directorate-General for Neighbourhood and Enlargement Negotiations Maciej Popowski on November 18.

The parties discussed a number of issues on the agenda of Azerbaijani-EU cooperation, in particular, prospects for talks on the eve of the summit of the Eastern Partnership countries.

Bayramov recalled his participation in the Eastern Partnership foreign ministers’ meeting in Brussels and bilateral meetings with EU officials. He noted the discussions held on the possibilities of cooperation in various fields.

In turn, Popowski briefed Bayramov about the meetings held in Baku, as well as about the “Blended finance" training.

He stressed that this event was important in terms of identifying the potential that exists and is not yet used within bilateral cooperation.

Since 2009, Azerbaijan has been cooperating with the EU as part of the Eastern Partnership (EaP) program in bilateral and multilateral formats. The EU is one of Azerbaijan’s main trade partners. Azerbaijan attaches great importance to cooperation with the EU, which is important in terms of applying international experience in the expansion and diversification of the country’s economy.

The EU invested over $21.5 billion in Azerbaijan’s economy from 2012 to 2021. Azerbaijan’s trade turnover with the EU amounted to $9.3 billion last year, which is 38 percent of the country’s foreign trade.