The European Bank for Reconstruction and Development (EBRD) is planning to invest in the implementation of the Azerbaijani projects more than 300 million EURO, the EBRD president, Jean Lumiere told Trend. The EBRD portfolio in Azerbaijan has 686 million EURO by the condition on December 31; they are invested in the financing of 30 projects.
The EBRD head evaluates the current portfolio as a well working. Simultaneously, Euro Bank expects to expand its activity in the country. We all want to help to the state sector by purchasing assets in the local companies and distributing credits, Lumiere said.
He did not exclude the possibility that the bank sector will be doubled this year. This shows how we are committed to the diversification of economy and development of the bank sector, he said.
Similar issues were discussed at the meeting with president. The president of the bank remained satisfied with the changes taking place in the country. During his meetings with the government officials he discussed such issues as poverty struggle, future projects in the oil and gas sector, reconstruction of highways and railroads, environment protection. The second important issue at the discussion table was transferring the oil incomes to diversify the economy and create new jobs. The correct usage of funds, especially investment funds is very important in that case. EBRD in its turn has already defined the sectors it is interested to invest in. They include agriculture, energy and cement sectors.
The EBRD head has admitted that strong ties have developed between EBRD and Azerbaijan for the last 10 years and this cooperation is expected to develop further.