EIB readies to examine funding proposals in Azerbaijan

A representative for the European Investment Bank (EIB) said that the bank is prepared to examine funding initiatives in the public and private sectors that align with the EU and Azerbaijan's top priorities for cooperation, Azernews reports.

The source claims that in its partnership with Azerbaijan, the EIB prioritises green energy, energy efficiency, connectivity, digitalization, and sustainable infrastructure as part of its EIB Global program, the development branch of the bank in charge of operations outside the EU.

"EIB Global is also ready to consider regional connectivity projects, including submarine electricity and digital connections between the EU and the South Caucasus region, for example, the Black Sea submarine electricity cable," said a spokeswoman.

The bank spokesperson also mentioned that the Economic and Investment Plan for the Eastern Partnership and the EU Global Gateway Initiatives are two areas on which the EIB is especially focused.

"We are always open to considering financing projects in the country that would benefit from our financing and meet our various standards as well as the goals of EU policy." Regarding our possible help for various initiatives, we are in frequent touch with colleagues in the public sector and representatives of the Azerbaijani government," the source stated.

In the meantime, Azerbaijan and the EIB have been working together since 2014. The bank has spent more than 96 million euros in the nation while adhering to the rules of the Eastern Partnership (EaP), the European Neighbourhood Policy (ENP), and other bilateral agreements within the EU. The EIB has provided over 120 businesses with funding totaling 25 million euros through cooperation with a local bank.