BAKU, Azerbaijan, May 23. The current size of the active loan portfolio of the European Investment Bank (EIB) to Azerbaijan is 26.2 million euros, Head of EIB Regional Representation for South Caucasus Maciej Czura told Trend.
According to Czura, the Bank offered a loan in the amount of 25 million euros to support small and medium-sized enterprises (SMEs), which was provided through Azerbaijan’s Access Bank.
“Another 1.25 million euros was channeled by the EIB to the Green for Growth Fund towards energy efficiency and smaller renewable energy investments within Azerbaijan,” the head of regional representation said.
He also noted that prior to the EIB’s new Energy Lending Policy (ELP) launched in 2019, the Bank was one of the key financiers of the Southern Gas Corridor (TANAP and TAP pipelines). “Since the launch of the ELP, the Bank as the EU Climate Bank does no longer finance unabated fossil fuel projects in an effort to support climate action and decoupling global economy from fossil fuels,” Czura added.
“The EIB is ready to expand cooperation with Azerbaijan on various projects – both in the public and private sector,” he added.
The EIB is a bank owned by the EU member states. The Bank is active in Azerbaijan since 2014. The Bank operates under the framework of the European Neighborhood Policy (ENP), the Eastern Partnership (EaP) and other EU bilateral agreements with Azerbaijan.
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