Head of EBRD Branch Changed in Azerbaijan

Business Materials 12 February 2008 19:38 (UTC +04:00)

Azerbaijan, Baku, 12 February / corr. Trend I. Khailova/ Francis Delaey, the new head of the European Bank of Reconstruction and Development (EBRD) in Azerbaijan has already taken up his post, the Baku office of the EBRD said on 12 February. Until his appointment he was the head of the Moldova office of the Bank.

Aygen Yaikoglu, the former head of the bank in Azerbaijan was appointed to the Baku office of the Bank in December 2007 and he left the country in August 2007 ahead of time. According to Eurobank rules, the heads of the offices are appointed for 3-4 years.

Eurobank launched its activities in Azerbaijan in the early 90s. According to a new strategy on Azerbaijan approved on 18 September 2007, EBRD plans to intensify its activities with the private and public sector and continue talks with the government on the improvement of the investment climate. The bank will work with domestic enterprises and foreign investors to diversify the Azerbaijani economy.

The bank is also ready to look for foreign investors who will introduce new technologies in the oil sector of Azerbaijan. The bank will pay more attention to the agricultural sector in line with the priorities of the government.

EBRD also intends to increase its support to Azerbaijan's micro-financial institutions via credit lines and technical assistance.

The EBRD are cooperating with seven or eight banks and will proceed with the implementation of insurance and leasing projects.

By 30 June 2007 the EBRD allocated €482.4mln for implementation of 61 projects in Azerbaijan.

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