EBRD presents recommendations on Azerbaijan’s economy diversification

Business Materials 2 May 2019 17:28 (UTC +04:00)

Baku, Azerbaijan, May 2

By Sara Israfilbayova - Trend:

The European Bank for Reconstruction and Development (EBRD) is offering Azerbaijan to promote economic diversification by supporting competitiveness and effective management, Trend reports referring to the bank’s strategy for Azerbaijan covering 2019-2024.

EBRD proposes to improve supply chains and non-oil sector communications by improving operational standards and business skills.

The strategy reads that the government of Azerbaijan should provide funding and advice to corporations and small and medium-sized enterprises (SMEs) with an emphasis on agribusiness, manufacturing and services, real estate and tourism, electricity and transport.

The strategy also notes that it is necessary to support local companies in the implementation of innovative practices and technologies.

"The participation of the private sector should be promoted with a focus on infrastructure and infrastructure services in the transport, utilities and energy sectors," the report says.

The EBRD is a leading investor in Azerbaijan and has so far invested about 3.3 billion euros in various sectors: energy, infrastructure, banking, industry and commerce.

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