(MENAFN- AzerNews)
By Ayya Lmahamad
Azerbaijan and the European Bank for Reconstruction and
Development (EBRD) have discussed the prospects for further
cooperation in achieving the goals set in the field of electricity,
renewable energy, and energy efficiency, Azernews reports, citing
the Energy Ministry.
The discussion took place during the meeting between
Azerbaijan's Energy Ministry representatives with the head of the
representative office of the EBRD in Azerbaijan Kamola
Makhmudova.
During the meeting, the parties noted the successful development
of relations between Azerbaijan and the EBRD in many areas,
including in the energy sector. They also considered the status of
implementation of projects implemented with the financial support
of the bank.
The ministry and the bank are currently cooperating to conduct
renewable energy auctions in Azerbaijan and the formation of the
necessary regulatory framework for small-scale renewable energy
projects.
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.
--
Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @AyyaLmahamad
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@AzerNewsAz
- Tags:
- Azerbaijan
- European Bank for Reconstruction and Development (EBRD)
- Azerbaijan's Energy Ministry
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