BAKU, Azerbaijan, June 15. The European Investment Bank (EIB) through its EIB Global platform stands ready to work with Azerbaijan both in the public and private sectors to finance projects in the priority fields of mutual interest, Maciej Czura, Head of the EIB Regional Representation for the South Caucasus, told Trend.
"Our future focus lies on implementing flagship initiatives outlined at EU Economic and Investment Plan for Azerbaijan which are green connectivity, digital connectivity - supporting the digital transport corridor, supporting a sustainable, innovative, green and competitive economy - direct support for 25 000 SMEs, innovative rural development, smarter and greener cities," he noted.
According to the EIB rep, EIB Global’s priorities in the country include the diversification of energy sources and the bank also stands ready to consider financing of projects in renewable energy and energy efficiency sectors.
"With over 50 percent of 2023 investments in the green transition, we have consolidated our position as 'The Climate Bank', both inside and outside the EU. Reinforcing our position as 'The Climate Bank' is our top priority. The success of the green transition depends on our ability to supply clean and affordable energy to power our industry, our vehicles, and our homes. This requires massive investment to develop the net zero breakthrough technologies to replace fossil-fuelled industrial processes," Czura pointed out.
Meanwhile, the EIB is the EU bank and one of the biggest multilateral financial institutions in the world. EIB Group's new financing signed in 2023 reached 88 billion euros, whereas 49 billion euros was allocated to green financing (climate action and environmental sustainability financing). EIB Global, the EIB’s development branch responsible for operations outside the EU, signed in 2023 8.4 billion euros in new financing.