Azerbaijan, EBRD mull bilateral co-op

By Azernews

By Ayya Lmahamad

Bilateral cooperation between Azerbaijan and the European Bank for Reconstruction and Development (EBRD) was discussed during the meeting between the country’s Labor and Social Protection Minister Sahil Babayev and Head of the EBRD in Azerbaijan Ivana Fernandes Duarte.

During the meeting, the minister spoke about the experience of cooperation between the Bank and Azerbaijan.

He noted that on the basis of the Country Strategy Document for the period of 2019-2024, Azerbaijan and the Bank cooperate in the areas of promoting economic diversification, supporting the development of small and medium-sized businesses.

Noting the reforms in the sphere of labor, employment and social protection, Babayev briefed on the work done to expand the scope of active employment measures, including the self-employment program.

In turn, EBRD in Azerbaijan Head expressed confidence that the Bank’s cooperation with Azerbaijan will continue to expand.

Another meeting was held between the Head of the EBRD in Azerbaijan Ivana Fernandes Duarte and Azerbaijan's Energy Minister Parviz Shahbazov. The parties discussed the projects implemented with the support of EBRD in the energy field. 

During the meeting, the minister expressed satisfaction with the level of cooperation with the Bank in the field of traditional energy sources and renewable energy.

Earlier, Azerbaijan’s Minister of Economy and the European Bank for Reconstruction and Development (EBRD) discussed the bank’s possible involvement in the restoration of the country’s territories liberated in last year’s war.

Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.

The bank is a leading investor in Azerbaijan. The country has been cooperating with EBRD since 1992 to achieve further economic development. One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.