Azerbaijan, Baku /corr. Trend I.Khalilova / A mission from the European Bank for Reconstruction and Development (EBRD) headed by its First Vice President, Valerie Freeman, will make a visit to Azerbaijan between 30 October and 1 November to approve the EBRD's intentions to present long-term support to Azerbaijan for economic development, a source stated at the EBRD Baku Office. In addition, the bank's mission will continue talks with the Government of Azerbaijan in future cooperation directions.
It is Freeman's first visit to Azerbaijan and will take place during a tour of the Caucasus. After Azerbaijan, the mission will go to Georgia. The mission also includes EBRD Director for Caucasus, Moldavia and Belarus, Mike Davis and Chief Political Advisor, Mahir Babayev.
During the upcoming visit, a Memorandum of Understanding is expected to be signed on concrete transport projects. The EBRD demonstrates an interest in realizing projects directed towards development of the private sector and the regions. Special attention will be paid to EBRD's participation in the development of Azerbaijan's transport sector. The EBRD has already expressed its readiness to finance the Baku-Tbilisi-Kars project. All these directions found their reflection in the protocol of talks signed in Kazan at the annual meeting of the bank between Azerbaijan's Minister of Economic Development, Heydar Babayev and Director of the EBRD business group, Olive Dekam, in May 2007.
In addition, the EBRD is prepared to participate in financing the project to remove the Baku-based international trade port outside the city - to Alat settlement.
As at 30 June, within its previous strategy for Azerbaijan (2005-2007), the EBRD invested €125.2mln for the realization of two transport projects.