Promoting economic diversification is main EBRD new strategy direction for Azerbaijan
Baku, Azerbaijan, Feb. 28
By Abbas Akhundov - Trend:
Promotion of a market oriented economy diversification, development of a sustainable financial sector to support the private sector, improving the governance and the business environment will be the main areas of the European Bank for Reconstruction and Development (EBRD)'s new strategy on Azerbaijan, according to the draft strategy posted on the bank's website.
EBRD is aware of the Azerbaijani government's opinion on this document. It intends to get a response from the public, with comments being accepted until April12.
The strategy is designed for three years and covers the period from 2014 to 2017.
'It is important for Azerbaijan to achieve significant progress in diversifying its economy in the next strategic period', the document states.
Nevertheless, the bank will remain involved in those projects in the field of hydrocarbon production to support increased competition and the introduction of best management practice, a policy dialogue to improve the regulatory framework.
'The involvement of the country in such strategically important projects as the Southern Gas Corridor will contribute to the diversification of export routes and energy security of Europe', the document says.
EBRD has allocated 1.577 billion euros to finance 138 projects in Azerbaijan from 1991 until late November 2013.
The total cost of these projects is 6.6 billion euros. Some 35 percent of the bank's investments are made in the energy sector, 33 percent in the financial sector, 21 percent in infrastructure development and 11 percent in the corporate sector, according to the project.
Translated by NH
Edited by SM