The Parliamentary Assembly of the Council of Europe (PACE) calls on the European Bank for Reconstruction and Development (EBRD) to develop trans-boundary investment projects in the South Caucasus region which includes Azerbaijan, Georgia and Armenia, stated a PACE Resolution adopted by the report "EBRD: support to Eastern and Southern-Eastern Europe", ITAR-TASS reports.
The resolution says that over recent years, sustainable economic growth has been observed in the South Caucasus and steady progress is taking place to complete the first stage of economic reform.
In addition, European parliamentarians highlighted the existence of political instability in the region, non-maturity of democratic institutions, weakness of the legal State, existence of corruption and problems in the area of competition and financial markets.
In this context, the assembly calls on the EBRD to further activate work in the region countries and assist in expanding regional cooperation within the initiatives for the countries beginning with a stage of transition economy. According to the PACE members, such activity of the EBRD will assist political and economic stabilization in the region.
The assembly welcomed that the Council of Europe and the EBRD joined the regional project ' Kiev initiatives' directed towards the development of a civil society through assistance to sustainable social-economic development in Azerbaijan, Armenia, Georgia, Moldova and Ukraine.