(MENAFN- AzerNews)
By Ayya Lmahamad
Azerbaijan's Economy Ministry and the European bank for
Reconstruction and Development signed a memorandum of understanding
on technical support for the development of the corporate sector in
the country, Azernews reports, citing the ministry.
The document was signed by the country's Economy Minister
Mikayil Jabbarov and EBRD's Executive Director for Eastern Europe
and the Caucasus Matteo Patrone.
Speaking at the online meeting, Jabbarov stressed that
Azerbaijan attaches great importance to the development of
relations with the EBRD. He emphasized that the projects
implemented with the bank are important in terms of applying the
best practices in Azerbaijan and contributing to the
diversification of the economy.
The minister also briefed on the priorities of socio-economic
development of Azerbaijan, noting the opportunities for cooperation
in achieving the set goals, as well as the potential for expanding
relations on public-private partnerships, green economy, energy,
and especially renewable energy projects.
Moreover, Jabbarov stated that the signed memorandum reflects
the directions of cooperation between the bank and the ministry in
the development and implementation of priority initiatives for the
sustainable private corporate sector in Azerbaijan.
In turn, Matteo Patrone emphasized the bank's long-term and
fruitful cooperation with Azerbaijan, adding that the country's
economic potential has created a favorable environment for the
expansion of relations. He added that the bank intends to continue
supporting Azerbaijan's economy.
The bank's executive director also noted the possibility of
implementing the“green city program”, implemented in Ganja and
other cities of Azerbaijan.
Additionally, the parties discussed areas of expansion of
cooperation between Azerbaijan and the EBRD, and the projects
implemented in the country with the bank's financial support.
Established in 1991, EBRD invests in projects that contribute to
the transition to an open market economy, as well as the
development of private and business activities.
The bank is a leading investor in Azerbaijan. To date, the EBRD
has invested over €3 billion ($3.5bn) in 177 projects in
Azerbaijan's economy.
The country has been cooperating with EBRD since 1992 to achieve
further economic development. One of the main priorities of EBRD in
Azerbaijan is to support the local corporate sector with direct
financing. EBRD continues to pursue investments in energy projects,
especially where there is a gap to improve efficiency and energy
security.
Azerbaijan is the largest recipient of the EBRD funds in the
Caucasus, as well as one of the largest recipients of this
organization's funds in the CIS and Eastern Europe.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @AyyaLmahamad
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