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EBRD invests about 60 million euros in Azerbaijan's economy

Business Materials 1 December 2010 20:37 (UTC +04:00)

Azerbaijan, Baku, Dec. 1 /Trend, N.Ismayilova/

In December, the European Bank for Reconstruction and Development (EBRD) will sign loan agreements with two Azerbaijani partner banks to provide financing totaling $15 million, said the head of the EBRD Baku office Francis Deley.

"It is planned to allocate three loans. In this case, two loan lines will be opened for one bank for various projects, and the second bank - one line," said Deley.

This year, the EBRD invested in Azerbaijani economy about 50-60 million euros for the implementation of 18 projects, of which five projects envisage support for trade. In 2009, the EBRD invested $240 million in projects in the country.  

"Next year, depending on the availability of projects, the bank plans to invest 50-100 million dollars for the implementation of 10-15 projects. The priority areas for funding projects in 2011 to identify financial and corporate areas where special attention will be given to agribusiness, "- said the head of the mission.

"Next year, depending on the availability of projects, the bank plans to invest $50-100 million for the implementation of 10-15 projects. The priority areas for funding projects in 2011 are financial and corporate spheres where special attention will be given to agribusiness," said the head of the mission.

Since starting activities in Azerbaijan, EBRD has invested in country's economy $1.6 billion for the implementation of 110 projects. The current portfolio amounts to $1 billion.
44 percent of investments were directed towards the energy sector of Azerbaijan, 23 percent - the corporate sector. About 70 projects have been implemented in the financial sector. The EBRD currently cooperates with nine banks, six microfinance institutions and three non-bank credit organizations in the country.

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