Azerbaijan, Baku, 22 April / Trend corr. I.Khalilova / The interest of the European Bank for Reconstruction and Development in Azerbaijan has proved to be in the leading position of the country in the region as a result of which the total volume of bank financing in the country exceeds $1bln, Heydar Babayev, Azerbaijani Minister of Economic Development stated.
The bank's interest, according to the Minister, is a result of economic reforms held in the country, which was approved by Manuel Sager, EBRD Executive Director, during his meeting with the Minister in Baku.
The EBRD Executive Director reported of the bank's interests and its wish to finance both the private and state sectors in the country in the future, particularly in the sphere of oil, gas and transport.
From the beginning of the cooperation, EBRD has been participating in almost all infrastructural projects in Azerbaijan excluding the railway Baku-Tbilisi-Kars project. "Such tendency will continue. EBRD will approve this policy during the meeting in Kiev in May. We have already planned meetings, which will be held during the annual meeting in Kiev," the Minster stated.
EBRD has been involved with income for two years and this issue on its distribution among bank member-countries will be considered during the annual meeting. There have been different opinions. Some support the distribution of income, others wish to keep it in reserve and spend it for technical aid to EBRD member-countries.
Azerbaijan considers that the income should be partially transferred to reserves and others directed towards technical assistance.