BAKU, Azerbaijan, Nov.22
Azerbaijan has further strengthened its cooperation with the EBRD by joining the Bank’s donor community today Trend reports citing EBRD.
A US$ 2 million grant contribution from the Ministry of the Economy of Azerbaijan will support EBRD projects in a wide range of sectors to help diversify the country’s economy, promote the development of private businesses outside the oil sector, enhance innovation and boost exports.
EBRD President Suma Chakrabarti and Azerbaijan’s Prime Minister Ali Asadov signed the contribution agreement at the first Eastern Partnership Investment Summit held by the EBRD in its London headquarters.
The EBRD is one of the leading institutional investors in Azerbaijan, where it focuses on supporting efforts to diversify the economy and develop the private sector.
The new funds committed by Azerbaijan will be used to support small and medium-sized enterprises (SMEs), especially in the agribusiness sector, and businesses led by women, to promote innovation and new technologies, rural and regional development as well as sustainable and renewable energy in projects that enhance energy efficiency.
The grants will support advisory projects and investments in transport and municipal infrastructure, such as solid waste management. They will also support policy reform in a move to provide strategic guidance to further strengthen Azerbaijan’s economy.
The funds can be deployed in the form of investment grants, incentives payments and risk sharing facilities.
To date, the EBRD has invested €3.3 billion in 168 projects in Azerbaijan.