By Azernews

By Ayya Lmahamad

Azerbaijan and the European Bank for Reconstruction and Development (EBRD) have discussed the prospects for further cooperation in achieving the goals set in the field of electricity, renewable energy, and energy efficiency, Azernews reports, citing the Energy Ministry.

The discussion took place during the meeting between Azerbaijan's Energy Ministry representatives with the head of the representative office of the EBRD in Azerbaijan Kamola Makhmudova.

During the meeting, the parties noted the successful development of relations between Azerbaijan and the EBRD in many areas, including in the energy sector. They also considered the status of implementation of projects implemented with the financial support of the bank.

The ministry and the bank are currently cooperating to conduct renewable energy auctions in Azerbaijan and the formation of the necessary regulatory framework for small-scale renewable energy projects.

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 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.