EBRD approves new strategy for Azerbaijan (UPDATE)
Details added (first version posted on 13:48)
Baku, Azerbaijan, April 30
The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved anew strategy for Azerbaijan which will guide the Bank’s investments and policy work in the country for 2019-2024, Trend reports referring to EBRD on April 30.
The 2019-2024 strategy sets out the following priorities:
The Bank will continue its efforts to help diversify Azerbaijan’s economy by supporting the development of the private sector in non-oil sectors and strengthening governance of private and state-owned companies.
The EBRD will work to further expand access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.
The Bank will step up its support to the country’s green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.
“The new strategy gives a fresh impetus to our engagement in Azerbaijan,” Ivana Duarte, Head of the EBRD’s office in Baku, said. “The EBRD stands ready to help Azerbaijan develop its non-oil sector, strengthen local lenders and boost investment in the green economy. We see a huge potential in the renewables sector and aim to make a real impact in this area. Continued efforts by the authorities to reform the energy market and improve the business climate will be important in helping to unlock our own funds and mobilizing financing from other sources.”
The EBRD is a leading investor in Azerbaijan. To date, the Bank has invested almost 3.3 billion euro in various sectors: energy, infrastructure, banking, industry and commerce.