BAKU, Azerbaijan, October 25. President of the Republic of Azerbaijan Ilham Aliyev has signed a law approving amendments to the Agreement Establishing the European Bank for Reconstruction and Development (EBRD), Trend reports.
According to the document, amendments to the above agreement were approved and adopted by resolutions of the Board of Directors of the EBRD dated May 18, 2023, No. 259 and 260.
The law "On the Approval of the Agreement Establishing the European Bank for Reconstruction and Development" is a document formalizing Azerbaijan's membership in the EBRD. With the adoption of this law, Azerbaijan gains access to the bank's financial resources and technical assistance to support the development of the private sector and implement economic reforms in the country.
The draft law "On the Approval of Amendments to the Agreement Establishing the European Bank for Reconstruction and Development" includes changes adopted by the resolutions of the EBRD Board of Directors on May 18, 2023, Nos. 259 and 260. These amendments concern provisions presented in a new format, added to expand the bank's operational geography and enhance the flexibility of capital management mechanisms.