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EBRD intends to expand its activity in Azerbaijan

Business Materials 8 May 2015 18:29 (UTC +04:00)
European Bank for Reconstruction and Development (EBRD) discussed the possibility of expanding activity in Azerbaijan
EBRD intends to expand its activity in Azerbaijan

Baku, Azerbaijan, May 8

By Azad Hasanli - Trend:

European Bank for Reconstruction and Development (EBRD) discussed the possibility of expanding activity in Azerbaijan, EBRD President Suma Chakrabarti said at a press conference in Baku May 8.

"We exchanged views on the expansion of the EBRD's activities in the country and consider the future implementation of many projects in the non-oil sector a priority," he said. "I think both sides understand that more money needs to be invested in the scope of agriculture. We would like to provide support to farmers in regions of the country. I hope that our delegation here will contribute to the creation of a special mechanism for agricultural financing."

He said that in addition, the EBRD intends to allocate more funds in the field of renewable energy, and it also considers the possibility of financing the project of support for the municipalities.

"The main objective of the implementation of the bank's projects in the country is the diversification of its economy," said the head of the bank.

"This is my second visit to Azerbaijan. The first one was held in July 2014. Given the fact that we operate in 35 countries of the world, the second visit in such a short time shows how much Azerbaijan is important for us and how important we are to Azerbaijan," he said.

The EBRD has allocated $2.5 billion to finance 146 projects in various sectors of the economy since the beginning of cooperation with Azerbaijan. One of the EBRD's main tasks is to ensure the stable development of Azerbaijan's non-oil sector by investing in small and medium private enterprises.

Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest - in the CIS and Eastern Europe.

The EBRD invested 238 million euros in the implementation of 21 projects in Azerbaijan in 2014.

Edited by CN

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Follow the author on Twitter: @AzadHasanli

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