By Azernews

By Ayya Lmahamad

The projects implemented jointly with the European Bank for Reconstruction and Development are important in terms of contributing to economic diversification and application of best practices in Azerbaijan, Economy Minister Mikayil Jabbarov has said.

He made this remark during the meeting with EBRD’s First Vice President Jürgen Rigterink, the ministry's press service reported on June 30.

During the meeting, the minister underlined that Azerbaijan attaches great importance to the development of relations with the Bank.

“To date, the EBRD has invested over 3 billion euros ($3.5bn) in 177 projects in Azerbaijan’s economy,” Jabbarov stated.

Moreover, the minister spoke about the socio-economic priorities of Azerbaijan, the possibility of the Bank’s participation in the reconstruction of Azerbaijan’s liberated territories, and the reintegration of the economy to achieve the set goals.

Jabbarov underlined the great potential for cooperation between the EBRD and Azerbaijani Entrepreneurship Development Fund, as well as for strengthening public-private partnerships, “green economy” and renewable energy sources.

In turn, Rigterink stressed the long-term effective cooperation of the Bank with Azerbaijan. He noted that the huge economic potential of the country has created a favorable environment for strengthening ties, adding that the organization intends to continue to support the Azerbaijani economy.

The parties discussed the expansion of a partnership between Azerbaijan and EBRD, 30th annual meeting of EBRD, and the business forum.

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.