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EIB likely to support dev’t of renewable energy sphere in Azerbaijan

Oil&Gas Materials 22 April 2021 18:12 (UTC +04:00)
EIB likely to support dev’t of renewable energy sphere in Azerbaijan

BAKU, Azerbaijan, Apr.22

By Leman Zeynalova – Trend:

With the support of the European Investment Bank (EIB), Azerbaijan is aiming to diversify its economy and this process will likely include investments in renewable energy and energy efficiency, EIB told Trend.

“Our priorities in Azerbaijan feature the promotion of balanced and sustained economic development, especially for rural areas, the reduction of inequalities and the diversification of national energy sources.

The EIB has worked with Azerbaijan since 2014 and operates under the framework of the European Neighbourhood Policy (ENP), the Eastern Partnership (EaP) and other EU bilateral agreements.

To date, EIB invested more than €96 million in the country. Through cooperation with Access Bank, the EIB has provided funding worth €25 million to more than 120 Azerbaijani enterprises.

The EIB is ready to review all projects submitted, including projects on digitalization,” said the Bank.

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Follow the author on Twitter: @Lyaman_Zeyn

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