Azerbaijani and European Investment Banks Postpone Signing of Framework Agreement

Business Materials 23 April 2008 10:36 (UTC +04:00)

Azerbaijan, Baku, 22 April / corr. Trend I. Khalilova/ The Azerbaijani government has proposed European Investment Bank (EIB) to postpone the signing of framework agreement on cooperation to be signed in April during visit of Bank's vice-president to Baku, Asgar Alakbarov, Head of the Investment Policy Department of Ministry of Economic Development said.

"We informed the Bank that we would not be able to collect visas for the agreement after changes are made to it," Alakbarov said. The new date of signing has not been fixed yet.

The agreement must ratified by the parliament after it is signed, therefore EIB will not finance projects in Azerbaijan soon. The Bank has already expressed it readiness to finance railway transport worth $500mln.

EIB plans to finance the projects due to the resources European Union within European Neighboring Policy, therefore the regional projects connecting 2 to 3 or more countries will be priorities.

EBRD and EIB have expressed their readiness for joint investing in Russia, Ukraine, Moldova, South Caucasus countries and Central Asia. EU is ready to allocate €3.7bln or €500mln annually up to 2013.

The correspondent can be contacted at: [email protected]