EBRD president to visit Baku

Business Materials 7 January 2010 19:33 (UTC +04:00)

Azerbaijan, Baku, January 7 / Trend , N.Ismayilova /

The prospects for further expansion of ties and current cooperation of Azerbaijan with the European Bank for Reconstruction and Development (EBRD) will be discussed during EBRD President Thomas Mirow's forthcoming visit to Baku in March, a government source said on Jan. 6. This will be Mirow's first visit to Azerbaijan. The former President of the EBRD, Jean Lemierre, visited Azerbaijan in April 2006.

"The current visit of EBRD President to the country can lay the foundation for the preparation of a new strategy of the bank in the country, which is expected to be approved at the Board of Directors of the Bank in September this year," said the source.

The result of the effective cooperation is EBRD's providing more than $1 billion to finance various economic sectors in the country. Also financial assistance was provided for the preparation of technical and economic documentation for projects in the field of development of natural resources, energy and transport.

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.