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Azerbaijan to involve EBRD in state program on regions' development

Business Materials 20 May 2009 14:17 (UTC +04:00)

Azerbaijan, Baku, May 20 / Trend , N.Ismayilova/

Azerbaijan intends to involve the European Bank for Reconstruction and Development (EBRD) in cooperation as part of the "State program of socio-economic development of regions in 2009-2013", the Economic Development Ministry reported.

Azerbaijani Minister of Economic Development Shahin Mustafayev in his speech at the annual meeting of Governors of the EBRD in London, which was held on May 15-16, said that the European bank's investing in projects in the country under the "State program of socio-economic development of regions in 2009-2013, including projects in the fields of agricultural development, irrigation, water supply would be appropriate.

The minister also expressed his hope to establish a closer relationship amongst the EBRD, the National Fund for Entrepreneurship Support and Azerbaijan Investment Company.

Moreover, the minister described the corrective work carried out in the country's economy, as well as activities such as effective use of foreign monetary reserves by the Azerbaijani government under the conditions of the global financial crisis, increasing state support for entrepreneurship, strengthening financial discipline, preserving a stable rate of currency and improving an investment environment in the country and neutralized impact of the crisis in the country.

Mustafayev also met with EBRD President Thomas Mirov and officials of the European Investment Bank. The meeting focused on the indicators of economic development of Azerbaijan for the first quarter and the activities carried out in the country under the conditions of the global financial crisis, prospects for further cooperation, as well as the participants exchanged views regarding the State program.

In 2008, Eurobank financed 19 projects in the country worth € 84 million. Totally, the EBRD implemented 109 projects worth €1 million in the country.

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