Azernews.Az

By Aynur Jafarova

The European Bank for Reconstruction and Development (EBRD) has adopted a new strategy for Azerbaijan.

The strategy adopted by the EBRD Board of Directors analyses Azerbaijan's progress in political and economic transition and outlines the bank's priorities in the country over the next four years.

The EBRD priorities include the economic diversification of the non-oil and gas sectors, the development of a sustainable financial sector that is able to support private sector growth, as well as rural and regional development.

Neil McKain, Head of the EBRD Resident Office in Baku believes Azerbaijan has made some progress in modernizing its economy, but it still faces the challenge of economic diversification.

"We are happy to support the authorities' ambitious strategy of diversifying the economy within the non-oil sector and further implementation of reforms that are important for growth and for the creation of a modern and vibrant private sector," McKain noted.

The EBRD will focus on promoting market-driven economic diversification, developing a sustainable financial sector to support private sector development, and improving governance and the business environment to help speed up reforms and support the authorities' goals of diversification and improving the business environment.

The bank will also continue to cooperate closely with other international financial institutions and multilateral and bilateral partners, including the European Union in its operations, as well as through policy dialogue to maximize its impact on transition in Azerbaijan.

The EBRD has been active in Azerbaijan since the country's independence. To date, the bank has invested in 146 projects with over $2.5 billion across various sectors of the Azerbaijani economy.