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Azerbaijan and European Investment Bank to Sign Framework Agreement

Business Materials 2 November 2007 18:02 (UTC +04:00)

Azerbaijan, Baku / Trend corr. I.Khalilova / The European Investment Bank (EIB) and Azerbaijani Government is planning to sign a framework agreement on regulation of bank operations in the country, Askar Alakparov, the head of the Department on Investment Policy at the Ministry of Economic Development of Azerbaijan, said on 2 November. The similar agreement was signed and ratified with the Georgian Parliament in summer 2007.

The agreement is currently familiarized in the Economic Ministry of Azerbaijan. The final decision on the issue will be announced after the checks.

"I believe the process will be completed within a month. However, the document will be ratified in 2008," Alakparov said.

The role of the European Bank of Development and Reconstruction (EBRD) in cooperation with EIB is to estimate the project, but the budget will be invested by investment bank.

EIB is planning to finance the project at the expense of the European Union within the framework of the European Neighbourhood Policy, so the attention will be focused on the regional projects. "

EBRD and EIB announced about joint investments to Russia, Ukraine, Moldova, South Caucasus countries and Middle Asia. The EU's Council is ready to allocate €3.7bln to 2013 within the framework of the joint financing program.

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