Azerbaijan, Baku, January 7 / Trend , N.Ismayilova /
A senior economist of the European Bank for Reconstruction and Development (EBRD) Anita Tachi will visit Baku in January in order to begin developing bank's new strategy in Azerbaijan, which will cover next two years, EBRD Baku Office said on Jan. 6.
"The main purpose of Tachi's two-day visit is to present bank's Transition Report 2010 on Jan. 26 and conduct consultation regarding beginning preparation of a new strategy for the country," the same source said.
The members of the EBRD Board of Directors are also expected to visit Azerbaijan to discuss the areas of cooperation under the new strategy.
The new strategy is expected to be approved by the Board of Directors on Sept. 28 this year.
Today, the Bank continues to maintain a leading role in the development of the banking sector in Azerbaijan. The bank considers non-oil sector of the country and agribusiness as top priority for funding over next years, as well as increasing its participation in financing key transport, energy, infrastructural projects. The bank is already working directly and indirectly in supporting the private sector and further developing private entrepreneurship and financing SME.
Upon forecasts, as of the end of 2009, the total approved investments of the EBRD in Azerbaijan will exceed $1 billion. In 2008, the bank invested $120 million in 19 different projects in Azerbaijan, and in 2009 this amount was $220 million in 14-15 different projects.
In 2010, the bank plans to invest more than in 2009. In particular, the bank intends to double investment to support the banking and real sectors of Azerbaijani economy, small and medium enterprises, the electricity sector.
In general, EBRD realized 90 projects in Azerbaijan, investing $1.2 billion.