EBRD to allot $100m to Azerbaijan
BAKU – The European Bank for Reconstruction and Development plans to allocate $100 million to Azerbaijan in 2011, head of the EBRD Baku office has said.
Francis Delaey said the funds will be spent to implement 10 to 15 projects in the country.
According to Delaey, EBRD’s allocations to the South Caucasus republic this year make up $75-85 million and $240 million in 2009.
He said that throughout EBRD’s cooperation with Azerbaijan, the bank has allotted $1.6 billion under 110 projects, with 70 of the projects implemented in the finance sector.
So far, 44 percent of the funds channeled into the EBRD-supported projects have been directed to the energy sector.
"If we used to finance 2-3 projects per year until 2004, later observed was a dynamic growth both in the volume and in the number of projects financed by EBRD in Azerbaijan," he said.
EBRD is cooperating with nine banks, six micro-finance institutions and three other financial institutions in Azerbaijan.
The EBRD board of directors is due to adopt a new cooperation strategy on Azerbaijan for the period 2011-13 on December 7.
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