EBRD to allot $220m in 2009
The European Bank for Reconstruction and Development
(EBRD) plans to loan $220 million to Azerbaijan in 2009 to fund 14
to 15 projects, a bank executive said during a visit to Baku last
week.
The amount has nearly doubled in comparison with 2008 when the EBRD allotted $120 million for the implementation of 19 projects in the country, according to Olivier Descamps, the bank`s Business Group Director for South Eastern Europe, Central Asia and the Caucasus. The process of increasing assistance will be continued in the coming years.
"We plan to boost investments in Azerbaijan in 2010 compared to 2009," Descamps said.
He emphasized that the amount of EBRD-approved investments for Azerbaijan will exceed $1 billion at the end of this year. The bank will focus its allocations on the domestic banking sector, developing small and medium enterprise and the electric power industry. It intends to allot the loans as part of its long-term financing package covering a period of five to 15 years.
Descamps also said the EBRD was ready to invest in increasing the production capacity of Garadagh Cement, the country`s largest cement producer. He said the bank could allocate as much as $150 million to boost the capacity by 30 per cent. The EBRD has already stated its position on the issue to the Azerbaijani government and Swiss Holcim group, the cement maker`s main shareholder.
Plans call for the annual output capacity of Garadagh Cement is to be increased from the current 1.3 million tons to 1.7 million tons. Reducing energy costs in the course of production is envisioned as part of the project, as well.
Descamps said the economic situation in Azerbaijan is better than in neighboring countries amid the global crisis due to timely pre-emptive steps taken by the government.
The amount has nearly doubled in comparison with 2008 when the EBRD allotted $120 million for the implementation of 19 projects in the country, according to Olivier Descamps, the bank`s Business Group Director for South Eastern Europe, Central Asia and the Caucasus. The process of increasing assistance will be continued in the coming years.
"We plan to boost investments in Azerbaijan in 2010 compared to 2009," Descamps said.
He emphasized that the amount of EBRD-approved investments for Azerbaijan will exceed $1 billion at the end of this year. The bank will focus its allocations on the domestic banking sector, developing small and medium enterprise and the electric power industry. It intends to allot the loans as part of its long-term financing package covering a period of five to 15 years.
Descamps also said the EBRD was ready to invest in increasing the production capacity of Garadagh Cement, the country`s largest cement producer. He said the bank could allocate as much as $150 million to boost the capacity by 30 per cent. The EBRD has already stated its position on the issue to the Azerbaijani government and Swiss Holcim group, the cement maker`s main shareholder.
Plans call for the annual output capacity of Garadagh Cement is to be increased from the current 1.3 million tons to 1.7 million tons. Reducing energy costs in the course of production is envisioned as part of the project, as well.
Descamps said the economic situation in Azerbaijan is better than in neighboring countries amid the global crisis due to timely pre-emptive steps taken by the government.
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