EBRD president to make first visit to South Caucasus countries UPDATE
Details added (first version published at 13:25)
Azerbaijan, Baku, July 10 /Trend I.Khalilova /
The President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti will make his first visit to Azerbaijan during his tour of the South Caucasus, the bank's representative office in Baku told Trend on Wednesday.
This will be Chakrabarti's first visit to Azerbaijan after his appointment as the organisation's president in 2012.
"Chakrabarti's official visit to Azerbaijan will begin on July 14 and on July 16 will depart for Georgia and then on to Armenia," the representative office of EBRD said.
Chakrabarti's visit to Azerbaijan coincides with two events, the 20th anniversary of EBRD's activities in Azerbaijan which the bank marks this year, as well as the relocation of the Baku representative office to a new location in the Landmark-3 business centre. The bank's representative office was previously located in Landmark-1.
During the visit, the EBRD head will hold meetings with Azerbaijani officials.
Suma Chakrabarti was elected EBRD president for the next four years. Earlier, Chakrabarti held the post of Permanent Secretary at the Ministry of Justice of the United Kingdom and before that he was holding the same post in the Ministry of International Development. He is a graduate of Oxford and Sussex universities and has worked in the British government from 1984 and was awarded the title of Knight of the Order of the British Empire.
Chakrabarti became the first British person to be elected to this position, despite of an alleged tradition not to appoint representatives of Britain as the heads of the EBRD which has its headquarters located in London. Prior to that, the post of bank's president was held only by the French and the Germans. The bank's previous president Thomas Mirow headed the EBRD since 2008, during one four-year term.
EBRD plans to adopt a new business strategy in Azerbaijan in December 2013, which will focus on three main goals to diversify the economy, the banking sector development and improve the quality of corporate governance.
Until today, the EBRD has invested more than 2.1 billion euros in various sectors of the Azerbaijani economy mobilising an additional 5.3 billion euros from other funding sources.