By Azernews

Azerbaijan and the European Investment Bank have discussed the implementation of ongoing and planned joint projects, Azernews reports.

"During the meeting with @MaciejCzura, Head of the European Investment Bank's (@EIB) Regional Representation for the South Caucasus, we discussed the implementation of ongoing and planned projects, economic development of our country, investment opportunities, as well as the prospects of cooperation with the Bank," Economy Minister Mikayil Jabbarov tweeted.

During the meeting, the parties briefed on the bank's financing mechanisms and exchanged views on expanding the partnership.

They also discussed the development of cooperation, financing of alternative energy sources, the private sector, especially small and medium businesses, as well as opportunities for cooperation with the Entrepreneurship Development Fund.

The European Investment Bank has worked with Azerbaijan since 2014. The bank operates under the framework of the European Neighbourhood Policy (ENP), the Eastern Partnership (EaP), and other EU bilateral agreements. The bank has invested more than €96 million in the country. Through cooperation with a local bank, the EIB has provided funding worth €25 million to more than 120 enterprises.

With the support of the EIB, Azerbaijan is aiming to diversify its economy. The bank's priorities in Azerbaijan feature the promotion of balanced and sustained economic development, especially for rural areas, the reduction of inequalities, and the diversification of national energy sources.