Azerbaijan, Baku, October 1 / Trend N. Ismayilova /
The European Bank for Reconstruction and Development (EBRD) has introduced a new strategy for Azerbaijan, which covers 2011-2013, the EBRD said.
According to the preliminary version of the strategy, posted on the EBRD official website, the bank will continue to support Azerbaijan in its efforts to implement reforms and improve the investment climate.
"The operational priorities of the bank will cover the total development of the private sector outside the oil industry, restructuring and consolidation in the financial sector, with particular emphasis on transparency and corporate governance, as well as restoration and modernization of the infrastructure of the country," the strategy said.
Grant financing, provided through a multi-donor-fund, has played an important role in implementing the previous strategy of the bank, the message said.
"This role is likely to be unchanged in the future. The bank will seek to increase donor support through the allocation of grants for project preparation and implementation, legalization and institutionalization," the strategy said.
The bank ensures all operations in Azerbaijan meet the environmental and social policy of the bank, as well as national labor standards. Actions will be taken to help customers to comply with these standards.
The EBRD invested a total of $232 million in nine Azerbaijani projects in 2009 and plans to sign 10 projects in Azerbaijan in 2010. The bank signed an agreement to allocate $4 million to invest in DataCELL - a leading wireless Internet provider in Azerbaijan, which operates under Elcell brand - in the first quarter of this year.
The bank plans to invest more funds in 2010 than in 2009. In particular, the bank intends to double the investments to support the banking and real sectors of the Azerbaijani economy, small and medium enterprises, and the power sector.
The EBRD has invested 1.05 billion euros in Azerbaijan to realize 114 projects.
EBRD is a bank which assets are used to establish democracy and market economy in 30 countries of Central Europe and Central Asia. It is owned by 61 countries and two international organizations, and has a portfolio of 663 million euros.