European Bank for Reconstruction and Development to Proceed with Diversification of Portfolio in Azerbaijan

Business Materials 15 March 2007 15:40 (UTC +04:00)

Azerbaijan, Baku / Trend , corr I. Khalilova / Aygen Yayikoghlu, the Head of the Representative Office of the European Bank for Reconstruction Baku, reported that the Bank intends to extend the portfolio of Azerbaijan. "The Bank will finance the projects in various sectors, such as private and banking, and will allot a round figure for this purpose," Yayikoghlu said.

The portfolio of the private financing of the EBRD in Azerbaijan comprises $1bln and $4bln if co-financial projects are considered. In 2006 EBRD allotted about $150mln for project financing in Azerbaijan. The sum can increase this year depending upon the projects.

The EBRD maintains co-operation with 7-8 banks and 10 small-scale enterprises and provides them with assistance on railroad development of the country, and energy projects. "Both $500,000 and $100mln worth of projects are under current consideration. The strategy of the Bank implies not only allocation of funds but of shared interest as well. We are ready to co-operate not only in the field of banking, leasing and insurance but also in other fields including the non-oil sector," Yayikoghlu noted. He believes EBRD can attract other investors.