Azernews.Az

By Ayya Lmahamad

Azerbaijan’s Economy Ministry and the European Bank for Reconstruction and Development signed a memorandum of understanding on technical support for the development of the corporate sector in the country, Azernews reports, citing the ministry.

The document was signed by the country’s Economy Minister Mikayil Jabbarov and EBRD’s Executive Director for Eastern Europe and the Caucasus Matteo Patrone.

Speaking at the online meeting, Jabbarov stressed that Azerbaijan attaches great importance to the development of relations with the EBRD. He emphasized that the projects implemented with the bank are important in terms of applying the best practices in Azerbaijan and contributing to the diversification of the economy.

The minister also briefed on the priorities of socio-economic development of Azerbaijan, noting the opportunities for cooperation in achieving the set goals, as well as the potential for expanding relations on public-private partnerships, green economy, energy, and especially renewable energy projects.

Moreover, Jabbarov stated that the signed memorandum reflects the directions of cooperation between the bank and the ministry in the development and implementation of priority initiatives for the sustainable private corporate sector in Azerbaijan.

In turn, Matteo Patrone emphasized the bank’s long-term and fruitful cooperation with Azerbaijan, adding that the country’s economic potential has created a favorable environment for the expansion of relations. He added that the bank intends to continue supporting Azerbaijan’s economy.

The bank’s executive director also noted the possibility of implementing the “green city program”, implemented in Ganja and other cities of Azerbaijan.

Additionally, the parties discussed areas of expansion of cooperation between Azerbaijan and the EBRD, and the projects implemented in the country with the bank’s financial support.

Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.

The bank is a leading investor in Azerbaijan. To date, the EBRD has invested over €3 billion ($3.5bn) in 177 projects in Azerbaijan’s economy.

The country has been cooperating with EBRD since 1992 to achieve further economic development. One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.

Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest recipients of this organization’s funds in the CIS and Eastern Europe.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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