The perspectives of the further development of the bilateral relations and the current state of the cooperation of Azerbaijan with the European Bank of Reconstruction and Development (EBRD) was discussed at the meeting of Heydar Babayev, the Azerbaijani Minister of Economic Development, and Jean Lemierre, the President of EBRD, on Monday. As a result of the effective cooperation EBRD granted around $800m to Azerbaijan for financing of different field of economy, Trend reports referring to a news release by the Ministry. The bank also rendered a financial aid for development of the feasibility study of the project on extraction of natural resources, energy and transport.
EBRD financed such projects on construction of the Yenikand Hydroelectric Power Station (HPS), reconstruction of the Mingachevir HPS, modernization of air and navigation system, improvement of water supply of Baku. At present the bank finances the projects on reconstruction of the motor ways Hanjigabul-Kurdamir and Baku-Samur. The bank also participates in crediting of the private sector of the country, as well as private local banks.
Babayev highly appreciated the activities of EBRD in Azerbaijan and touched upon the potential opportunities for expansion of the cooperation. In particular, EBRD can render support in brining of the activities of the Tariff Council and the newly-established State Investment Company into one line with international standards. According to Babayev, use of EBRDs experience in the development of the financial and banking sector of the country is expedient.
The Minister invited EBRD to participate in financing of the projects on development of regions and private sector. He stressed that government planned to implement projects for $450m in the cooperation with IFI.
In his turn, Lemierre noted the bank was interested in the expansion of the relations with Azerbaijan, which is a reliable partner. EBRD is also interested in the projects implementing in the regions of the country. Besides, the guest intends to come out in front of businessmen in Guba on Tuesday.