EBRD Throws Its Weight Behind Azerbaijan's Push Toward Economic Diversification

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 22.​ The European Bank for Reconstruction and Development (EBRD) is prepared to support Azerbaijan's ongoing efforts to diversify its economy, said Alkis Vryenios Drakinos, the bank's Regional Director for the Caucasus, Trend reports.

Speaking at the 1st Azerbaijan International Investment Forum in Baku, Drakinos noted that industrialization and diversification are key to Azerbaijan's future, ensuring the economy remains resilient and well-prepared for new challenges.

“Experience shows that for Azerbaijan's future, it is essential that the economy stay relevant and competitive. We see opportunities in investing in technology, leveraging the country's strong human capital, and developing skills in artificial intelligence and digitalization,” Drakinos emphasized.

The EBRD representative also noted that digitalization could be the wind in the sails for the transport sector, paving the way for the Middle Corridor and opening doors to financing opportunities.

“We act as a catalyst for reforms and change, a reliable partner that can share expertise and build trust, helping to shape the path of development together. We enjoy excellent relations with the government of Azerbaijan and look forward to continuing them by supporting the country's economy,” he added.

The EBRD has maintained a strategic presence in Azerbaijan for more than three decades, following the country's accession to the institution on September 25, 1992. Since its accession, the EBRD has cultivated a robust synergy with the nation, executing substantial capital allocations and endorsing pivotal initiatives across diverse sectors.

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