BAKU, Azerbaijan, Dec.22
By Leman Zeynalova - Trend:
Cooperation with Azerbaijan is important for the European Investment Bank (EIB) and it is currently working with local partners in the country on identifying how to best support the social and economic development of Azerbaijan, EIB told Trend.
“In line with European Union and Azerbaijani priorities, and as part of "Team Europe" investments, the European Investment Bank, the bank of the European Union, stands ready to support the EU proposals for the “Eastern Partnership Policy Beyond 2020” and the “Economic and Investment Plan for the Eastern Partnership”,” said the bank.
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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