Azerbaijan, Baku, 31 March / Trend corr I. Khalilova/ On 18-19 May, Azerbaijan will present its investment opportunities at the business forum Promoting Modern Economics in Kiev - within the framework of 17th meeting of Managing Board of the European Bank for Reconstruction and Development (EBRD), the Azerbaijani Economic Development Ministry reported on 30 March.
Azerbaijan is expected to be represented at the event by the delegation headed by the Azerbaijani Economic Development Minister Heydar Babayev, who is the Azerbaijani Manager at EBRD.
EBRD is interested in implementation of the projects in Azerbaijan, intended for the development of private sector and the regions. Special attention will be paid to the participation of EBRD in development of the country's transport sector. EBRD has already expressed its interest in financing the project on construction of the Baku-Tbilisi-Kars railway. All these directions are reflected in the protocol on negotiations, which was signed in Kazan at the recent meeting of the Bank between Heydar Babayev and the Director of the EBRD business group Olivier Decamp in May 2007.
In 2008, EBRD plans to finance about 18 projects in Azerbaijan at the total sum of nearly €140-180mln. Eight of them are small projects intended for financing of the entrepreneurs, though two are dealing with the development of entrepreneurship activities. Some €60mln will be directed for strengthening of the banking sector (small scale and middle scale business, mortgage crediting, micro financing). At present, EBRD is cooperating with eight banks in Azerbaijan.
EBRD is also negotiating with the Azerbaijani Government on financing of infrastructural projects, reconstruction of highways and improvement of the railway infrastructure.
Since the beginning of its operations in Azerbaijan, EBRD's financing portfolio for Azerbaijani projects comprised $1bln, while the portfolio amounts to $4bln when including the co-financing projects. By 30 June 2007, EBRD allotted €482.4mln for the implementation of 61 projects.
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