BAKU, Azerbaijan, August 20. Azerbaijan and Uzbekistan discussed increasing mutual investments this week, Trend reports.
Deputy Minister of Economy in Azerbaijan Sahib Mammadov met with Deputy Minister of Investment, Industry and Trade in Uzbekistan Oybek Khamrayev
During the meeting, Mammadov emphasized that the two countries attach special importance to the successful development of bilateral relations and there are great opportunities for expanding cooperation in the field of trade. Provisions contained in the intergovernmental agreement on the establishment of the Azerbaijan-Uzbekistan Investment Fund serve to increase mutual investments and trade turnover, strengthen economic cooperation.
Khamrayev emphasized Uzbekistan's interest in collaborating on numerous initiatives with Azerbaijan.
During the discussion, it was also discussed what steps were being taken to promote economic cooperation.
Moreover, OJSC Bank Respublika took the first place in Azerbaijan on the volume of soft loans granted to businesses in January-July 2023.
The second position on the volume of business loans was taken by PASHA Bank (13 million manat - $7 million), in the third place - Rabitabank (7 million manat - $4 million).
AccessBank (6 million manat - $3 million) and Expressbank (5 million manat - $2 million) were also in the top 5 in terms of lending volume.
Furthermore, the Azerbaijan Microfinance Association (AMFA) is currently implementing a project to support the development of business and professional associations as the lead implementer of the Associations of the Future project consortium.
The project is funded by the United States Agency for International Development (USAID) and aims to strengthen the role of business and professional associations in Azerbaijan's economic development by enhancing the skills of associations that will be engaged in the project to expand inclusive economic opportunities and contribute to economic prosperity.
This week the European Bank for Reconstruction and Development (EBRD) announced a portfolio of projects in Azerbaijan.
The EBRD's lending portfolio in Azerbaijan for 31 projects was estimated at €787 million as of July 31, 2023.
The majority of the portfolio (88 percent or €692 million) is focused on investments in sustainable infrastructure, 9 percent (€67 million) on investments in the industrial, trade and agricultural sectors, and 3 percent (€28 million) on investments in financial institutions.
Overall, the Bank has invested over €3 billion in Azerbaijan for 188 projects.