EBRD to allot up to $200m to Azerbaijan in 2010
The European Bank for Reconstruction and Development
(EBRD) plans to allocate $100-200 million to Azerbaijan in 2010,
the bank’s president Thomas Mirow said during a visit to Baku on
Tuesday.
Mirow told a press conference that the funds will be channeled into the country’s real estate and finance sectors. He also said the number and scale of EBRD projects implemented in Azerbaijan has increased this year.
Mirow noted that so far, the bank has financed 100 investment projects totaling 1.4 billion euros in the rapidly developing South Caucasus republic. 230m euros were allotted this year, with 120m euros of the amount directed to Garadagh Cement, the country’s biggest cement producer.
The EBRD head said that during the visit he had met with the Azerbaijani president, finance minister and Central Bank chairman, and the discussions focused on the state of the domestic finance sector amid the world financial downturn.
Mirow said the Azerbaijani government is interested in economic diversification. He said the EBRD supports this approach, pledging assistance in the resource-rich country’s efforts to ease its reliance on oil and gas.
The EBRD president said, further, that he had discussed with Azerbaijani representatives new projects aiming to increase the efficiency of energy production and reduce domestic consumption of energy resources, and the bank offered the government to share its experience in this area.
Mirow told a press conference that the funds will be channeled into the country’s real estate and finance sectors. He also said the number and scale of EBRD projects implemented in Azerbaijan has increased this year.
Mirow noted that so far, the bank has financed 100 investment projects totaling 1.4 billion euros in the rapidly developing South Caucasus republic. 230m euros were allotted this year, with 120m euros of the amount directed to Garadagh Cement, the country’s biggest cement producer.
The EBRD head said that during the visit he had met with the Azerbaijani president, finance minister and Central Bank chairman, and the discussions focused on the state of the domestic finance sector amid the world financial downturn.
Mirow said the Azerbaijani government is interested in economic diversification. He said the EBRD supports this approach, pledging assistance in the resource-rich country’s efforts to ease its reliance on oil and gas.
The EBRD president said, further, that he had discussed with Azerbaijani representatives new projects aiming to increase the efficiency of energy production and reduce domestic consumption of energy resources, and the bank offered the government to share its experience in this area.
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