EBRD's president to visit Azerbaijan

By Azernews

By Ayya Lmahamad

European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso will visit Azerbaijan on September 12, Azernews reports per foreign media.

The EBRD president will visit the South Caucasus nations from September 12-16, starting her visit with Azerbaijan, then going to Georgia, and concluding her trip to Armenia.

“I am very much looking forward to visiting the Caucasus, where the Bank has achieved some remarkable results during its 30 years of operation. During my visit, I will reiterate our unwavering support for the Caucasus and its green transition agenda, but also the enhancement of transport connectivity, sustainable infrastructure, and policy dialogue,” she said.

It is planned that in Baku, Odile Renaud-Basso will hold a number of meetings with representatives of the country’s state structures, will sign an agreement on the bank’s second green city project in Azerbaijan, and inaugurate a joint project with AZPROMO aimed at boosting the country’s telecommunications, media and technology sectors.

This is going to be the bank president's first in-person visit to the region since assuming office in late 2020.

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 181 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.