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EBRD investments in Azerbaijan in 2 years total $270M (UPDATE)

Business Materials 25 May 2016 13:55
The European Bank for Reconstruction and Development (EBRD) has implemented 30 projects worth $270 million in Azerbaijan over the last two years, Suma Chakrabarti, EBRD president, said at a press-conference in Baku May 25.

Details added (first version posted at 12:03)

Baku, Azerbaijan, May 25
By Anvar Mammadov - Trend:

The European Bank for Reconstruction and Development (EBRD) has implemented 30 projects worth $270 million in Azerbaijan over the last two years, Suma Chakrabarti, EBRD president, said at a press-conference in Baku May 25.

Chakrabarti said EBRD is interested in developing the cooperation with Azerbaijan both in the oil and non-oil sectors.

"We are very interested in participating in the Southern Gas Corridor project, but we understand that it is important to make big investments in the non-oil sector to diversify the country's economy," he said. "I would like to say that the EBRD is investing in Azerbaijan's non-oil sector and the bank is ready to continue this process."

Chakrabarti noted that if the banking sector is not developing, talking about the development or diversification of the economy does not make sense.

He also touched upon the large-scale economic reforms being carried out in Azerbaijan and improvement of the country's economic policy.

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