(MENAFN- AzerNews)
By Sabina Mammadli
The European Bank for Reconstruction and Development (EBRD) and
Azerbaijan's Economy Ministry are in the early stage of discussions
to potentially include new cities in the EBRD Green Cities program,
Azernews reports.
An EBRD official stated that the eligible cities need to have a
population of at least 50,000 residents. Moreover, the cities must
commit to the development and implementation of the Green City
Action Plan and launch a trigger investment project with the
EBRD.
'At present, we are fully focused on the implementation of the
solid waste and street lighting projects and preparation of the
Green City Action Plan for Ganja city,” the source said.
The bank plans to sign a new project in the Azerbaijani city of
Ganja in September 2022.
It was noted that the project will support the introduction of
modern and energy-efficient street lighting infrastructure for
Ganja residents.
'We plan to sign a Ganja Street Lighting Project, during the
visit of the bank's President, Odile Renaud-Basso, to Azerbaijan.
As part of this project, we also plan to sign an agreement for an
investment grant in the amount of 2.5 million euros by the E5P
Fund, which is supported by the European Union and other
international donors,' the source added.
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 invest 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.
--
Sabina Mammadli is AzerNews' staff journalist, follow her on
Twitter:
@SabinaMmdl
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