The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Azerbaijan which will guide the Bank’s investments and policy work in the country for the next five years, ONA reports quoting EBRD.
The 2019-24 strategy sets out the following priorities:
The Bank will continue its efforts to help diversify Azerbaijan’s economy by supporting the development of the private sector in non-oil sectors and strengthening governance of private and state-owned companies.
The EBRD will work to further expand access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.
The Bank will step up its support to the country’s green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.
Ivana Duarte, Head of the EBRD’s office in Baku, said: “The new strategy gives a fresh impetus to our engagement in Azerbaijan. The EBRD stands ready to help Azerbaijan develop its non-oil sector, strengthen local lenders and boost investment in the green economy. We see a huge potential in the renewables sector and aim to make a real impact in this area. Continued efforts by the authorities to reform the energy market and improve the business climate will be of great help in unlocking our own funds and mobilizing financing from other sources.”
The EBRD is a leading investor in Azerbaijan. To date, the Bank has invested almost €3.3 billion in various sectors: energy, infrastructure, banking, industry, and commerce.