President of Azerbaijan Ilham Aliyev received a delegation led by President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti in Baku on September 7, Azertac reported.

The head of state recalled his meetings with the EBRD President in Azerbaijan and in Davos, and emphasized the importance of Suma Chakrabarti's regular visits to Azerbaijan. He noted that these visits create a good opportunity for discussing what has been done and future plans. President Ilham Aliyev hailed Azerbaijan-EBRD cooperation.

The head of state noted that the EBRD's loan portfolio in Azerbaijan is about $3 billion, praising the fact that its major part is being channeled into the private sector. He described this as a clear manifestation of the expansion of the private sector of Azerbaijan's economy.

The President noted that this also demonstrates the increasing confidence in the economy and helps to support entrepreneurship through additional financial resources.

Expressing his hope that cooperation between Azerbaijan and EBRD will be successful in the years to come, the head of state underlined the current plans and challenges ahead.

President Ilham Aliyev said that the majority of infrastructure projects in Azerbaijan have already been finalized or they are at the stage of completion, adding that the new economic development program mainly aims to develop the non-oil sector in Azerbaijan, diversify the economy and support the private sector. The head of state hailed great opportunities in this regard.

President Ilham Aliyev underlined the importance of implementing plans to establish transportation and new logistic centers.

The head of state said the EBRD President Suma Chakrabarti's visit to Azerbaijan created the opportunity to hold discussions on what should be done.

The EBRD President Suma Chakrabarti recalled his previous meetings with President Ilham Aliyev, saying they held fruitful discussions on bilateral cooperation. He expressed his confidence that the issues relating to Azerbaijan-EBRD cooperation prospects will be determined during this meeting too.

They also discussed the EBRD's involvement in financing the Southern Gas Corridor, and opportunities for cooperation in developing transport corridors, supporting the private sector and solid waste management in Azerbaijan.