EBRD to Finance Non-Oil Projects in Azerbaijan in 2008

Business Materials 27 February 2008 13:36 (UTC +04:00)

Azerbaijan, Baku, 27 February / corr. Trend I. Khalilova/ The European Bank of Reconstruction and Development (EBRD) studies the possibilities of financing some 18 projects in Azerbaijan with a total some of 140-180mln Euros, Francis Delei, the head of the EBRD representation in Baku said.

Eight of them are small projects directed to the financing of the entrepreneurs and 3 to 4 of them are connected with the development of entrepreneurship. Some 60mln euros are expected to be allocated to promote banking in Azerbaijan. The fund aims at supporting small and medium business, mortgage lending and microfinance as well. EBRD is working with 8 banks in Azerbaijan at present.

According to Francis Delei, the talks are being held on financing of the infrastructure projects, namely in reconstruction of highways, and improvement of railway infrastructure. However, EBRD is not going to take part in the construction of the international port and talks have not yet been held in this regard.

The finance portfolio of EBRD in Azerbaijan has totaled to $1bln, but including the co-financed projects it totals to $4bln since it launched its activities in Azerbaijan.

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