EBRD Conference Appreciates Azerbaijan’s Achievements in EITI Application

Oil&Gas Materials 10 October 2007 16:56

Great Britain, London / Тrend corr G. Ahmadova / The application of Extractive Industry Transparency Initiative (EITI) positively affects Azerbaijan's credit rating, it was noted at the headquarters of the European Bank for Reconstruction and Development (EBRD) during the international conference on 'The Role of Transparency and Governance in Sovereign and Quasi-Sovereign Credit Quality' on 8 October.

Azerbaijan's achievements in application of EITI were highly appreciated at the event, a source at the Azerbaijani Embassy in Great Britainsaid.

EBRD President, Jean Lemier, Chairman of Soros Foundation, George Soros, and British Deputy Secretary of State on International Development, Baroness Shriti Vadera, were in attendance.

Azerbaijan was represented at the conference by Azerbaijani Ambassador to Great Britain, Fakhraddin Gurbanov, the State Oil Fund's Executive Director, Shahmar Movsumov, and others.

It was noted that the continuation of EITI arrangements in Azerbaijan will still further increase the country's rating.

On 24 November 2004, representatives of the Azerbaijani Government, local and foreign companies, and public societies signed an MOU within the framework of the EITI application in Azerbaijan.