EBRD is Satisfied with Co-operation with Azerbaijan
Azerbaijan, Baku / corr. Trend I.Khalilova / A mission from the European Bank for Reconstruction and Development (EBRD) is expected to arrive in Baku in June-July to discuss the prospects of co-operation with the Government of Azerbaijan, a source said at the Ministry of Economic Development of Azerbaijan. The Minister of Economic Development of Azerbaijan, Heydar Babayev, met with the EBRD President, Jan Lemer and other high-ranking representatives within the EBRD annual meeting in Kazan. Lemer expressed satisfaction with and readiness to continue the co-operation with Azerbaijan.
EBRD has already told of plans to increase its portfolio for Azerbaijan in 2007. Like it did in 2006, in 2007, the Bank has intentions to finance projects in different sectors - private, banking, etc.
Notably, starting from its activity in Azerbaijan, EBRD's portfolio for the country has reached $1 bln, and if to take into account EBRD's co-financing projects, the bank's portfolio has reached $4 bln.
In 2006, EBRD granted some $150 mln to finance projects in Azerbaijan. Presently the EBRD is co-operating with nearly 7-8 banks and 10 small enterprises in Azerbaijan to support them in the projects with regards to development of railways and energy sector.