Azerbaijan’s Energy Ministry and the European Bank for Reconstruction and Development (EBRD) signed a memorandum of intent on Strategic Road Map for the development of utilities in Azerbaijan, the ministry said Sept. 8.
Baku has hosted a meeting of Azerbaijan’s Deputy Energy Minister Gulmammad Javadov and EBRD President Suma Chakrabarti, according to the ministry message.
During the meeting, Javadov commended the contribution Azerbaijan’s cooperation with EBRD made in the development of the country’s energy sector.
He informed the EBRD president about the progress of work within the Strategic Road Map for the development of utilities and noted that one of the most important priority areas, outlined in the document, is creating a central body that will play a bridging role in the effective regulation of the energy sector.
“It is necessary to benefit from the European experience in the establishment of an independent regulatory body for energy. The EBRD support for the acceleration of this process is very important,” Javadov said.
Chakrabarti, for his part, noted that EBRD has extensive experience in the energy sector and 30 percent of the bank's investment is channelled to this area. He pointed out that one of the bank’s main objectives is to increase this share up to 40 percent in the future.
He expressed interest in assisting in the creation of the regulatory body and said EBRD has made cooperation with Azerbaijan’s Energy Ministry its goal.
“The document to be signed between the two bodies will further strengthen cooperation and ensure efficient activity,” the EBRD head said.
Azerbaijan has been a member of EBRD since 1992. Since the beginning of its cooperation with Azerbaijan, EBRD has allocated $1.7 billion for implementation of 151 projects in the country.
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