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EBRD to continue supporting Azerbaijan's economic development

20 June 2014 11:21 (UTC+04:00)
EBRD to continue supporting Azerbaijan's economic development

By Aynur Jafarova

The European Bank for Reconstruction and Development (EBRD) will continue supporting Azerbaijan's economic development, Department Director of EBRD's Internal and External Relations Jonathan Charles said.

"This is my third visit to your country in the last two years, which indicates the strength and growth of our cooperation: only in January-May, the bank invested in Azerbaijan's economy more than the whole of last year. We note the progress made by the country in recent years in the field of economic development. Significant reduction of poverty in ten years is a great example of that. The reforms and measures to develop the non-oil sector also showed good efficacy. The EBRD is pleased to support the diversification of Azerbaijan's economy. We welcome the work and will of the government to hold reform and fight against corruption, in particular achievements relating to electronic services and e-government," he said.

Charles went on to add that the EBRD is developing a five-year action plan with all countries in which it operates.

"We intend to focus on three main areas: strengthening of economic development, support for integration into the regional and global economy, as well as assistance in confronting global challenges. We are ready to support Azerbaijan on all these issues, and, in particular, in the sphere of the most important contemporary global challenge - improving energy efficiency," he said.

EBRD explores possibility to finance agriculture in Azerbaijan

Head of the EBRD Baku office, Neal McCain said the bank continues to explore the possibility of financing agriculture in Azerbaijan.

"We continue to work with government bodies, banks and microfinance institutions aimed at the facilitation of access to finance resources for farmers in regions of Azerbaijan," he said.

McCain also noted another important sector in which the bank will invest this year, is the corporate sector.

"We have already several projects pending their settlement in the corporate sector. For example some small and medium-sized contractors in the energy sector, a major manufacturer of kitchen furniture, as well as a manufacturer of construction boards appealed to us for getting resources. I think that, these projects can be approved by the end of this year," he said.

The EBRD plans to allocate loans totaling $300 million to projects in Azerbaijan this year.
It has allocated 163 million euros for the implementation of 17 projects in Azerbaijan last year.

Since 1992, the EBRD has allocated $2.5 billion to implement 146 projects in Azerbaijan. Some $1.3 million have been allocated to finance 10 government-backed projects, while $1.2 million to finance 136 projects in the private sector.

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