(MENAFN- AzerNews)
Qabil Ashirov Read more
Azerbaijan has undergone great economic transformation since the
inception of its independence. Over the past 30 years, the GDP of
the country has increased by 174 times, which is considered a
miracle. Azerbaijan achieved this goal through endless reforms and
cooperation with famous investment institutions. One of these
institutions is the European Bank for Reconstruction and
Development (EBRD). Azerbaijan became a member of the European Bank
for Reconstruction and Development (EBRD, on September 25, 1992.
The EBRD has implemented 177 projects in Azerbaijan, and
investments in our country are worth €3.108 billion.
Nataly Mouravidze, the Head of the Baku Resident Office of the
EBRD, who gave an interview to AZERNEWS about the activities of the
EBRD in Azerbaijan and the issues of joint cooperation, first of
all talked about the bank's activity in 30 years.
Q. Ms. Mouravidze, thank you for taking your valuable
time to give us an interview. What can you say about
Azerbaijani-EBRD cooperation in general?
A. The European Bank for Reconstruction and
Development recently celebrated the 30th anniversary of its
operations in Azerbaijan. Throughout this period, the Bank has been
Azerbaijan's steadfast partners with a strong relationship with its
public and private sectors. Throughout the common history, EBRD
worked with Azerbaijan on the Southern Gas Corridor, where it
invested hundreds of millions of euros in Shah Deniz II, TANAP, and
TAP pipelines.
Q. As you know, Azerbaijan started a new initiative-a
green energy project. The country aims to ensure 30 percent of its
electricity comes from renewable sources and to export 4 GW of
green energy to the European market by 2030. I would like to know
if the bank cooperates with Azerbaijan in this
initiative.
A. The EBRD is a climate finance leader in the
region, and currently, the majority of the bank's investments go to
the green economy. At the same time, we see that Azerbaijan also
has a very ambitious decarbonization agenda underpinned by the
country's pledges under the Paris Agreement. We see that at this
critical juncture, Azerbaijan is ready to usher in a new wave of
economic transition, this time a green and sustainable economic
transition, and we are here to support the country.
We do this through a combination of investment, technical
cooperation, and policy support. Recently, we co-financed the first
utility-scale, privately owned wind power plant in the Absheron and
Khizi districts. This follows our last year's investment in the
first such solar power plant in Garadagh. Apart from power
generation, we have been supporting Azerbaijan's energy efficiency;
a recent example is the Ganja Street Lighting project through our
flagship Green Cities program.
Q. Which sectors does the EBRD invest in, apart from the
energy sector?
A. Apart from our common oil-gas and green
agenda, we see that Azerbaijan's 2030 vision prioritises
market-oriented reforms, business-friendly governance, and trade
liberalisation. Our current country strategy (which, by the way, is
due to be reviewed next year) prioritises these very tenets,
focusing on helping Azerbaijan diversify its economy, supporting
private sector competitiveness, and expanding access to finance for
local businesses.
We have made wide-ranging investments in these directions. Last
year, we made our first circular economy investment in Azerbaijan,
boosting the recycling capacity of a secondary-led producer. We
also made our first investment in Azerbaijan's TMT
(Telecommunications, Media, and Technology) sector. Earlier, we
provided a sizeable loan to a major food and beverage manufacturer
to finance their new production lines.
On a more strategic scale, the development of the“Middle
Corridor” is another common priority for Azerbaijan. We have
financed logistical infrastructure here, while the Bank is
supporting transport infrastructure projects in Georgia and
Kazakhstan as well. As we speak, our team is engaged with a major
shipping company to support them with the acquisition of vessels as
part of their international expansion. We will keep you posted on
the progress of this project.
Q. Does EBRD plan to invest in new
projects?
A. As you can see from our joint record of
accomplishments, one can be quite optimistic about our future
cooperation, be it in green finance, sustainable infrastructure,
digitalization, or the competitiveness of the private sector. Our
next country strategy will consider all these tenets. What I can
say with confidence today is that the diversification and greening
of Azerbaijan's economy and our efforts to expand local businesses
access to finance are set to remain our top priorities.
We are in close contact with Azerbaijan's public and private
sectors. The government has requested to finance many strategically
important projects for the country, and we are assessing them
together on a case-by-case basis.
Similarly, we are talking with the private sector on some
significant projects, but unfortunately, we cannot disclose any
more details at this stage. But I, together with the EBRD Resident
Office in Baku, will keep you posted on the new developments as
soon as we can, so please stay tuned for more.
MENAFN14112023000195011045ID1107420658
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.