CBA, EBRD eye prospects for expanding cooperation

By Azernews

By Ayya Lmahamad

The Central Bank of Azerbaijan (CBA) and the European Bank for Reconstruction and Development (EBRD) have discussed prospects for expanding cooperation, Azernews reports.

The discussion took place during a meeting between CBA Chairman Taleh Kazimov and EBRD President Odile Renaud-Basso.

"Today we shared opinions with the delegation headed by Ms. Odile Renaud-Basso (@OdileRenaud), EBRD (@EBRD) President on prospects for expansion of cooperation between the Central Bank and the EBRD," Taleh Kazimov wrote on his official Twitter page.

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

The bank is a leading investor in Azerbaijan. To date, the EBRD has invested over €3 billion ($3.5bn) in 181 projects in Azerbaijan’s economy.

The country has been cooperating with 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.