CBA, EBRD mull prospects of cooperation
Azerbaijan, Baku, June 3 / Trend /
Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov and the members of the Board of Directors of the European Bank for Reconstruction and Development (EBRD) discussed the prospects for cooperation, the bank reported today.
Representative of the EBRD Board from Azerbaijan Werner Gruber said he is satisfied with the Azerbaijan - EBRD cooperation. Gruber said the EBRD's cooperation with the country's banking sector is estimated as successful and these ties will continue in the future.
Rustamov said cooperation between the Bank and Azerbaijan develops successfully. He also welcomed the participation of EBRD in the country's banking sector. Rustamov praised economic cooperation with EBRD and its activities in the financial and banking sector. The sides also mulled the current state and prospects of cooperation between the EBRD and the CBA.
The main purpose of the EBRD delegation visit from May 31 to June 4 is to get familiarized with the process of transition to a market economy, and the role that EBRD play in this process.
Within the future strategy of the bank's cooperation with Azerbaijan, the Bank's director will get acquainted with the latest priorities of the Azerbaijani Government on the expected goals of the EBRD. During the visit, it is expected to conduct meetings with partners of the bank, the organizations, state agencies with which the Bank is cooperating.
EBRD Board of Directors conducts such missions in each member country included in the zone of operations of the bank every 3-4 years. A mission visited Azerbaijan in 2007 last time.
In 2009, the Bank invested 230 million euros in Azerbaijani economy, of which 120 million euros was directed to finance expansion of the Garadagh cement plant.
The Bank has financed 103 projects worth $1.4 billion. Financial institutions cooperating with the EBRD, received 69 lines of credit and investments totaling $223 million from the bank.