Azernews.Az

By Sara Israfilbayova

The European Bank for Reconstruction and Development (EBRD) is ready to support the improvement of business sphere in Azerbaijan.

EBRD Vice President of Banking Alain Pilloux during a meeting with Azerbaijani Economy Minister Shahin Mustafayev said that the wide opportunities for cooperation in bank financing, support for small and medium-sized businesses, as well as renewable energy sources.

In turn, Mustafayev stressed the importance of EBRD’s support for infrastructure projects, further adding that Azerbaijan’s economic potential is planned to be presented in EBRD's main office.

The minister added that the Ganja-Gazakh-Georgian Border, Bahramtepe-Bilasuvar highways are planned to be constructed through the EBRD’s financial support.

The EBRD is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.

The Bank was established to support countries of the former Eastern Bloc in the process of establishing their private sectors. To that end, it offers "project financing" for banks, industries and businesses, for new ventures or existing companies.

The EBRD has allocated more than €3 billion to Azerbaijan for implementation of 160 projects since 1992.

One of the main priorities of the EBRD in Azerbaijan for 2017 is support the local corporates with direct financing. The EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.

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