TODAY.AZ / Business

Volume of ERBD funds reached $770 mln

24 February 2006 [08:55] - TODAY.AZ
The European Bank for Reconstruction and Development (EBRD), that works with Azerbaijan since 1992, has allocated $770 million.

As APA reports, 45% and 55% of it was directed at development of state and private sectors.

The Deputy Minister of Economic Development Mikayil Jabbarov said that because government's domestic and budget financial capability increase from year to year, foreign credits attracted to the state sector will gradually decrease in future.

Instead of it, it is required to stir up the process of funds attraction for the private sector's development.

Projects funded by the EBRD over the past period cover the fuel and energy complex (Azeri-Chirag-Guneshli, Shahdeniz, Baku-Ceyhan and etc.), infrastructure (construction of railroads, highways and etc.), banking and finances and other fields.


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