EBRD discusses new cooperation spheres with Azerbaijan

Business Materials 25 January 2012 19:25 (UTC +04:00)

Azerbaijan, Baku, Jan. 25 / Trend N. Ismayilova /

A mission headed by Deputy Director of the European Bank for Reconstruction and Development (EBRD) for municipal and environmental infrastructure Lin O'Grady has arrived in Baku today, the bank told Trend today.

EBRD specialists will meet with representatives of "Azersu", Asian Development Bank, World Bank and EBRD in the country within the two-day visit to discuss the cooperation.

The current strategy covers 2011-2013. According to the bank, the main priority area for financing in subsequent years is agricultural business, rather than non-oil sector of the country. The bank increases its participation in financing key transport, energy and infrastructure projects.

The EBRD has invested 1.2 billion euros in Azerbaijani economy to implement 115 projects.
The current portfolio of the bank is 579.1 million euro. About 44 percent of investments were directed to Azerbaijan's energy sector, 23 percent - the corporate sector.
About 70 projects were implemented in the financial sector.

The bank cooperates with nine banks, six microfinance institutions and three non-bank credit institutions of the country. The EBRD invested about $ 232 million in nine projects in Azerbaijan in 2009. In 2010, the EBRD financed 13 projects worth $ 79 million.

EBRD is the financial institution. Its funds are used to establish democracy and market economy in 30 countries of Central Europe and Central Asia. About 61 countries and two international organizations are its owners.