Eib Plans To Expand Support To Private Sector In Azerbaijan
Date
7/17/2023 12:14:20 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, July 17. The European
Investment bank (EIB) plans to expand support to the private sector
in Azerbaijan, a source at EIB told Trend.
"The EIB provides finance and expertise for sound and
sustainable investment projects in Azerbaijan. EIB Global – the
Bank's development branch responsible for operations outside the
European Union - has supported micro, small and medium enterprises
(MSMEs) in Azerbaijan through direct or indirect cooperation with
the local financial sector. Looking ahead, we plan to expand our
support to the private sector and to expand access to finance, with
the goal of generating employment, developing resilient and
sustainable MSMEs and increase their productivity," said the
source.
The source pointed out that the Bank is also in regular contact
with government representatives discussing cooperation in the areas
of mutual interest, including green economy, digitalization, urban
development, and sectors mentioned in the EU Global Gateway
Initiative and the Eastern Partnership Economic and Investment
Plan.
"The EIB is a demand-driven institution, if there are projects
in the country that would benefit from our financing and meet EU
policy goals and our various standards, we are always happy to
consider financing of these. The EIB regularly discusses areas of
cooperation with the Government of Azerbaijan and other relevant
stakeholders.
We have a framework in place to ensure that the projects we
support are aligned with the goals of the Paris Agreement. We have
introduced an updated approach to ensure that the clients we lend
to are aligned with the goals of the Paris Agreement on climate
change. This applies to large companies active in high-emitting
sectors, those that are highly vulnerable, and large financial
institutions. Building on European Union regulations, this requires
large companies to disclose their alignment plans, including a
mid-term carbon target. Such plans should also address building
resilience to future climate change. The EIB will work with clients
to develop and publish these plans," said the source.
The EIB has worked with Azerbaijan since 2014.
The Bank operates under the framework of the European
Neighbourhood Policy (ENP), the Eastern Partnership (EaP) and other
EU bilateral agreements. It has invested more than €96 million in
the country. Through cooperation with a local bank, the EIB has
provided funding worth €25 million to more than 120
enterprises.
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