(MENAFN- Trend News Agency)
BAKU, Azerbaijan, January 31. The European Bank
for Reconstruction and Development (EBRD) has unveiled its new
country strategy for Azerbaijan, setting the stage for a focused
investment and policy agenda over the next five years, Trend reports.
Azerbaijan's Economy has long been dependent on oil and gas
exports, and the EBRD aims to reduce this reliance by bolstering
the competitiveness and inclusiveness of the private sector. Key
initiatives will target small and medium-sized enterprises (SMEs)
in non-oil sectors such as agribusiness, manufacturing, services,
ICT, and infrastructure. A particular emphasis will be placed on
supporting female- and youth-led businesses, driving innovation,
and enhancing export capabilities.
Alongside fostering a more competitive private sector, the
EBRD's strategy also focuses on accelerating the country's shift to
a greener economy. Azerbaijan has significant potential for
renewable energy, and the bank plans to back the growth of solar
and wind projects, improve energy efficiency, and enhance climate
resilience. Another key component of this transition involves
strengthening the country's energy grid to facilitate the export of
renewable energy.
The EBRD also intends to leverage Azerbaijan's strategic
location at the crossroads of Europe and Asia. Investments in
sustainable transport networks, digital infrastructure, and
municipal projects will further enhance Azerbaijan's regional
connectivity, with a specific focus on the Middle Corridor.
Nataly Mouravidze, Head of the EBRD's Azerbaijan office,
expressed optimism following the Board's approval of the strategy,
noting,“We look forward to working with Azerbaijan to build a
diversified, inclusive, and sustainable economy. By tapping into
the country's renewable energy potential and boosting its regional
connectivity, we can unlock long-term opportunities for the people
of Azerbaijan.”
The EBRD has been a longstanding partner in Azerbaijan's
development, having invested over 4 billion euros in 195 projects
spanning sectors such as renewables, infrastructure, and
connectivity. With this new strategy, the bank aims to further its
impact, working alongside government efforts to foster reforms and
improve governance, ensuring Azerbaijan's future economic growth is
both sustainable and inclusive.
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