Azerbaijan, Baku, Dec. 8 / Trend N. Ismayilova /
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved a new strategy on Azerbaijan for 2011-2013, the Bank's Baku Office said today.
"The Board of Directors of the Bank approved a strategy on the country on Dec.7 2010, and the approved version will be posted on the Bank's official website," the Bank said.
In October, EBRD presented new strategy for Azerbaijan to discussions. 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 main goal of the strategy is to maintain investment in non-oil sector of Azerbaijan, develop the financial sector, which is also one of the pillars of the strategy. Also, the Bank will continue to support and join shareholders of banks and non-bank institutions.
The EBRD invested a total of $232 million in nine Azerbaijani projects in 2009. In 2010 the Bank funded 15 projects.
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.
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.