EBRD Details Support Volume For Azerbaijan's Green Transition

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 29. The European Bank for Reconstruction and Development (EBRD) invested €196 million in eight projects across Azerbaijan in 2024, with the majority directed toward the private sector and green economy initiatives, Trend reports.

The EBRD played a significant role at COP29 in Baku, co-financing large-scale solar power plants that have brought the country's financed renewable energy capacity to over 1.2 GW. The bank also supported Azerbaijan's first-ever renewable energy auction, paving the way for a 100-megawatt solar power plant in the Garadagh region.

Beyond energy, the EBRD invested in transport infrastructure, providing a 38.7 million euro loan to the state-owned Azerbaijan Caspian Shipping Company (ASCO) to expand the country's merchant fleet. The bank also bolstered Azerbaijan's trade sector by approving a 46.7 million euro trade finance facility for the International Bank of Azerbaijan, aimed at integrating local businesses into global markets.

Small and medium-sized enterprises (SMEs) benefited from EBRD-backed loans to AccessBank and Bank Respublika, supported by EU donor funding. The bank also relaunched its Risk-Sharing Facility in Azerbaijan with a new 15 million euro agreement with AccessBank.

“This was a great year for us in Azerbaijan,” said Nataly Mouravidze, the EBRD's Head of Azerbaijan.“We delivered across all priority investment areas, from renewables to transport and SME support. I am confident this impactful cooperation will continue in the years ahead.”

As a leading institutional investor in Azerbaijan, the EBRD has invested over 4 billion euros in 195 projects, supporting the country's economic diversification and private sector growth.

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