EBRD plans to invest in South Caucasus’s insurance sector
Baku, Azerbaijan, Nov. 14
By Azad Hasanli - Trend:
The European Bank for Reconstruction and Development is considering an opportunity to invest in the insurance sector of the South Caucasus, Moldova, Turkey, the Balkans and Ukraine, the bank said.
EBRD plans to acquire EMF New Europe Insurance Fund's shares at $ 20 million. In general, the fund plans to raise capital in the amount of $ 150 million.
A meeting of the Board of Directors will be held on Dec. 10. It is planned to consider the acquisition of shares of the fund.
UK-based EMF New Europe Insurance Fund was established in 2012. It is engaged in drawing investments in the insurance sector of the CIS countries and Central and Eastern European countries which are non-EU members.
EBRD has allocated $2.5 billion to finance 146 projects in various sectors of the country's economy since the beginning of cooperation with Azerbaijan. One of EBRD's main tasks is to ensure the stable development of the non-oil sector in Azerbaijan by investing in small and medium private enterprises.
EBRD was present on the insurance market of Azerbaijan. It had a 30-percent stake in MBASK insurance company. EBRD left it in October 2010 by selling its share to AXA Group subsidiary - Spanish AXA Seguros Generales.
edited by CN