EBRD backs Azerbaijani SMEs
The European Bank for Reconstruction and Development would support small and medium entrepreneurship in Azerbaijan.
EBRD First Vice President, Phil Bennett made the remark as he met the country`s Minister of Economy and Industry Shahin Mustafayev.
He hailed cooperation between the country and the bank as successful.
Mustafayev informed the EBRD Vice President of the Azerbaijani government`s measures to diversify economy, develop non-oil sector and improve entrepreneurship.
He also praised Azerbaijan-EBRD cooperation.
“Our cooperation covers diverse areas, and there is good potential for expanding it. We can consider corporate management, support for small and medium entrepreneurship in agricultural sector,” he said.
The EBRD has been active in Azerbaijan since the country’s independence. To date the Bank has invested in 155 projects with over 2.1 billion euros across various sectors of the Azeri economy.
In Azerbaijan, the Bank focuses on supporting local corporates with direct financing while helping partner banks in on-lending to MSMEs; supporting partner banks in the development of new financial instruments to target improved access to finance for women-owned and -run businesses; promoting competition and improving the business environment to deepen reforms; pursuing investments in energy projects that improve efficiency and energy security.
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