EBRD and EIB to Co-operate with Azerbaijan in Long-Term Perspective

Business Materials 27 February 2008 17:25 (UTC +04:00)

Azerbaijan, Baku, 27 February /corr. Trend I.Khalilova / The European Bank for Reconstruction & Development and the European Investment Bank are prepared to consider the possibility of financing the transport infrastructure in Azerbaijan, said the Head of the EBRD Baku Representation, Francis Delaey.

"We do not have any limitation in financing. Mainly, it depends upon the cost of the investment project," Delei said. "I consider that it would be expedient for the bank to establish long-term co-operation," he added.

Recently, EBRD submitted suggestions to Azerbaijan Government regarding financing of the rehabilitation of the roads in Baku, and reconstruction of the highways from Baku to Samur and from Azerbaijan's district of Khachmaz to the Russian border.

"We displayed an interest to finance these two projects, but if the Government suggests other projects, we are prepared to consider them as well," he said,

According to him, the EBRD intends to participate in the transport projects together with the European Investment Bank. Despite this, the expenses will be covered equally. The joint financing will begin after the EIB signs a framework agreement with the Azerbaijan Government.

Initially, they suggested $500mln for the transport projects.

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