Baku, Azerbaijan, Jan. 25
By Anvar Mammadov – Trend:
One of the main priorities of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan for 2017 will be to support the local corporates with direct financing, Ivana Duarte, head of the bank’s Baku office, told Trend.
The EBRD will also help partner banks in Azerbaijan in on-lending to micro, small and medium enterprises and in the development of new financial instruments to target improved access to finance, for example for agribusiness sector projects, according to her.
The EBRD will continue to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security, Duarte said.
“We will also continue to invest into the road infrastructure as well as continue our work in natural resources sector.”
“Additional efforts will be made to improve the situation in the financial sector to boost confidence in lending in order to stabilize the business environment,” she said, adding that EBRD will also continue to work with the authorities in the implementation of the structural reforms to improve the business environment.
Duarte also spoke about the projects which were agreed on in 2016 and the Bank’s portfolio for Azerbaijan.
“In 2016, EBRD signed nine projects with Azerbaijan with the total amount of investments reaching 59 million euros,” Duarte said.
EBRD’s portfolio in Azerbaijan currently includes 160 projects, with net investments equal to over $3 billion, she added.
“Energy sector investments account for 43 percent of the Bank’s portfolio, followed by 40 percent into infrastructure development. Financial, manufacturing and services sectors jointly account for 17 percent of the portfolio,” Duarte said.
Azerbaijan has been cooperating with the EBRD since 1992. One of EBRD’s main tasks is to ensure stable development of Azerbaijan's non-oil sector by investing in small and medium-sized private enterprises.