22-02-2012 11:47:30

EBRD managing director to visit Azerbaijan

Managing director of the Financial Institutions sector at the European Bank for Reconstruction and Development (EBRD) Nick Tesseyman will visit Baku in late February, the bank said.

The visit will last from February 29 till March 2.

"Such visits are conducted every two years in order to review the current level of cooperation. During the visit, Mr Tesseyman will meet with the representatives of financial institutions, customers and partners of the bank in the country," the EBRD said. The current strategy covers 2011-2013. According to the bank, the main priority areas for financing in subsequent years are agricultural business and non-oil sector of the country. The bank increases its participation in financing key transport, energy and infrastructure projects.

The EBRD has invested 1.2 billion euros in Azerbaijani economy to implement 115 projects.

The current portfolio of the bank is 579.1 million euro. About 44 percent of investments were directed to Azerbaijan's energy sector, 23 percent - the corporate sector. About 70 projects were implemented in the financial sector.

The bank cooperates with nine banks, six microfinance institutions and three non-bank credit institutions of the country. The EBRD invested about $ 232 million in nine projects in Azerbaijan in 2009. In 2010, the EBRD financed 13 projects worth $ 79 million.

TAGS: Financial Institutions sector, European Bank for Reconstruction and Development, Nick Tesseyman, agricultural business, non-oil sector of the country