BAKU, Azerbaijan, Dec.22
By Leman Zeynalova - Trend:
The European Investment Bank (EIB) prioritizes projects that advance climate action in Azerbaijan, the Bank told Trend.
The EIB said it is actively working with the European Commission and fellow international financial institutions on how best to roll out the Economic and Investment Plan (EIP) that will help countries including Azerbaijan address EIP key areas, especially the green transition, digitalisation and private sector support.
"The EIB looks forward to advancing on economically viable projects in the country in line with the priorities of the EU and Azerbaijan. In this area, advancing Green Transition and supporting Azerbaijan in their contribution to global climate action is of particular interest to the EIB and projects that advance climate action will have our attention.The specific investments to be supported will be decided in conjunction with the European Commission and EU Member States in accordance with the EU’s Neighbourhood Policy and the Regulation establishing the Neighbourhood, Development and International Cooperation Instrument," the Bank said.
The EIB has worked with Azerbaijan since 2014.
The Bank operates under the framework of the European Neighbourhood Policy (ENP), the Eastern Partnership (EaP) and other EU bilateral agreements. It has invested more than €96 million in the country. Through cooperation with a local bank, the EIB has provided funding worth €25 million to more than 120 enterprises.
With the support of the EIB, Azerbaijan is aiming to diversify its economy. This process will likely include investments in renewable energy and energy efficiency. EIB’s 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.
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