(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 18. The European
Investment bank (EIB) is ready to support the incoming COP29
Presidency in delivering an ambitious COP29 outcome, as well as
Azerbaijan's green transition and economic development, Maciej
Czura, Head of the EIB Regional Representation for the South
Caucasus, told Trend in an exclusive interview.
"Nearly halfway into the critical decade, we must work much
harder, if we are to keep the Paris Agreement goal of limiting
global warming to 1.5oC within reach. That's why a successful COP29
climate summit is crucial to accelerate global climate action.
Multilateral development banks (MDBs), like the EIB, have a key
role to increase public and private climate finance. At the EIB, we
are ready to support an ambitious COP29 outcome that includes a new
climate finance goal and accelerates a global transition to ensure
that no people or places are left behind. We are actively
participating in COP29 preparations alongside the European
Commission and the group of MDBs," he said.
According to the bank's rep, with over 50 percent of 2023
investments in the green transition, the EIB has consolidated its
position as 'The Climate Bank', both inside and outside the EU.
"Reinforcing our position as 'The Climate Bank' is our top
priority. The success of the green transition depends on our
ability to supply clean and affordable energy to power our
industry, vehicles, and homes. This requires massive investment to
develop net zero breakthrough technologies to replace
fossil-fuelled industrial processes. We are continuing the
conversations on how we can support Azerbaijan's green transition,
mainly by financing climate change mitigation and environmental
sustainability projects," he elaborated.
In the meantime, the EIB continues to support Azerbaijani
businesses across various, Maciej Czura added.
"The EIB has worked with Azerbaijan since 2014. EIB Global
follows EU policy objectives, for example, the flagship initiatives
of the Economic Investment Plan such as improving access to finance
for micro, small, and medium-sized enterprises (MSMEs), with
special attention to young entrepreneurs, women in business, and
rural development. In the light of this, we signed a 10 million
euro loan agreement with Bank Respublika last month," he said.
As such, this operation aims to strengthen small businesses by
making loans available to them under favorable conditions, he
explained. "This operation is part of our MSME Outreach Initiative
for the South Caucasus that will help create or sustain jobs,
fostering private sector-driven growth and social inclusion in the
region".
Moreover, within the EIB Global initiative, the bank also
provides advisory support and technical assistance for project
preparation and implementation. "Currently, we are providing
advisory support for safety enhancements at level-crossings along
the Baku-Boyuk Kesik Railway Corridor, an important Trans-European
Transport Network (TEN-T) link in the Middle Corridor".
According to Czura, this support is helping Azerbaijan Railways
in analyzing and prioritizing interventions, and in scoping the
related design studies.
"The bank provides this support under the Facility for Eastern
Partnership Investment in Connectivity (EPIC). Funded by the
European Union and managed by our advisory program of Joint
Assistance to Support Projects in European Regions (JASPERS), EPIC
offers Eastern partnership countries free advisory support and
technical assistance to improve transport connections," the
official explained.
Maciej Czura further noted that EIB Global stands ready to work
with Azerbaijan both in the public and private sectors to finance
projects in the priority fields of mutual interest.
"Our future focus lies on implementing flagship initiatives
outlined at EU Economic and Investment Plan for Azerbaijan which
are green connectivity, digital connectivity - supporting the
digital transport corridor, supporting a sustainable, innovative,
green and competitive economy - direct support for 25 000 SMEs,
innovative rural development, smarter and greener cities. EIB
Global's strategy in the South Caucasus is shaped by the European
Union priorities. The recent loan with Bank Respublika furthers the
objectives of this plan and is part of our MSME Outreach Initiative
for the South Caucasus. The Economic and Investment Plan also
includes priority investment projects, and we are discussing their
implementation with the government of Azerbaijan," Maciej Czura
concluded.
The EIB is the EU bank and one of the biggest multilateral
financial institutions in the world. EIB Group's new financing
signed in 2023 reached 88 billion euros, whereas 49 billion euros
was allocated to green financing (climate action and environmental
sustainability financing). EIB Global, the EIB's development branch
responsible for operations outside the EU, signed in 2023 8.4
billion euros in new financing.
MENAFN18062024000187011040ID1108343777
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.