Azerbaijan, EBRD mull successful ties, cooperation in Karabakh

By Azernews

By Vafa Ismayilova

Foreign Minister Jeyhun Bayramov and Head of the EBRD (European Bank for Reconstruction and Development) Representative Office in Azerbaijan Ivana Duarte have discussed the successful development of existing relations and cooperation opportunities in Karabakh, the Foreign Ministry reported on June 29.

At the meeting held on June 29 upon the termination of Duarte's mission in Azerbaijan, Bayramov briefed the EBRD official about the post-conflict regional situation and opportunities for cooperation, especially spoke about the restoration and construction works in the liberated areas. He stressed the importance of cooperation with international partners, including the EBRD at this stage.

Bayramov noted that Azerbaijan attaches great importance to cooperation with the EBRD and emphasized the successful development of existing relations. He highlighted the bank's participation in financing important projects, including the Southern Gas Corridor project. The minister expressed satisfaction with the successful cooperation between the EBRD Representative Office in Azerbaijan and relevant ministries.

Speaking about the positive results of the activities of the Bank's Representative Office in Azerbaijan, Ivana Duarte especially stressed the cooperation in the field of renewable energy and sustainable development. She noted that the Azerbaijani prime minister's participation in the Eastern Partnership Investment Summit held at the EBRD Headquarters in London in 2019, as well as the signed agreements, gave an important impetus to the expansion of cooperation.

Bayramov thanked Duarte for her successful activity in Azerbaijan and wished her success in future endeavors.

Economy Minister Mikayil Jabbarov said on June 29 that the EBRD invested $3.5bn in 177 projects implemented in Azerbaijan.

Established in 1991, the 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 the EBRD since 1992 to achieve further economic development. One of the main priorities of the EBRD in Azerbaijan is to support the local corporate sector with direct financing. The EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.

Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest recipients of this organization’s funds in the CIS and Eastern Europe.