By Azernews

By Ayya Lmahamad

The European Bank for Reconstruction and Development (EBRD) has invested over 3 billion euros ($3.5bn) in 177 projects implemented in Azerbaijan,  Economy Minister Mikayil Jabbarov wrote on his official Twitter page on June 29.

Azerbaijan on June 30 will host EBRD’s 30th Annual Meeting that will focus on the impact of COVID-19 and economic recovery.

“On the eve of the Annual Meeting, we exchanged views with Mr. Jürgen Rigterink, EBRD First Vice President, and his colleagues, on expanding the partnership between Azerbaijan and EBRD,” Mikayilov said.

He stated that the Bank’s participation in realizing the economic potential of the country’s liberated territories was discussed during the meeting as well.

Earlier it was reported that the Bank plans to allocate 10 million euros to the Azerbaijani government for the modernization of waste collection infrastructure in Ganja city. In addition, the Bank is strengthening Azerbaijan’s agribusiness sector by providing a 25 million euro ($29.4M) loan to the country’s food and beverage producer Avrora LLC.

Additionally, earlier this year the Central Bank of Azerbaijan (CBA) and the European Bank for Reconstruction and Development (EBRD) have signed a $200 million swap agreement to ensure the financing of Azerbaijan’s real sector amid the COVID-19 pandemic. Under the new agreement, EBRD will provide credit support to local companies in local currency.

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.

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.