Primary variant of EBRD's strategy on Azerbaijan over 2010-2013 to be approved in July
Azerbaijan, Baku, July 7 / Trend N. Ismayilova /
The European Bank for Reconstruction and Development (EBRD) gave the primary version of the strategic plan for Azerbaijan in 2010-2013 years for the relevant authorities of Azerbaijan to consider, the bank's Baku office said.
"The EBRD has already submitted a primary variant to the state structures of the country, including the Ministry of Finance, Central Bank and the World Bank, diplomatic missions and its clients to get their comments and suggestions," the office said.
The primary version of the strategy will be approved by the EBRD Board of Directors and proposals will be considered by the Azerbaijani side July 14. It will be placed on the EBRD's website July 29.
The Board of Directors will approve the final version of the strategy September 28," Baku's office said.
The main objective of the Bank's future strategy is to support the development of non-oil sector of Azerbaijan by investing in infrastructure projects, financial institutions and private enterprise.
The Bank has already financed 103 projects in Azerbaijan, worth $1.4 billion. Financial institutions are cooperating with the EBRD. They received 69 lines of credit and investments in capital totaling $223 million from the bank. The Bank invested in Azerbaijani economy 230 million euros in 2009, of which 120 million euros were used to finance the expansion project of Garadagh cement plant.