By Azernews

By Ayya Lmahamad

Azerbaijan's Finance Minister Samir Sharifov has said that the country will continue supporting the efforts of the Black Sea Trade and Development Bank (BSTDB) to increase capital.

He made the remarks while chairing the 24th annual meeting of the BSTDB in Baku on June 23, Azernews reports, citing Trend.

"The BSTDB significantly increased its capital in 2021. Under the current geopolitical situation, Azerbaijan expressed its readiness to contribute to the bank's efforts to increase its capital," he said.

Noting that the Black Sea region today is faced with an unprecedented situation, the minister added that the situation in Ukraine has disrupted global supply chains, threatening trade, food, and energy security.

"On behalf of Azerbaijan, I want to express our full readiness to provide the bank with all possible support," he said.

EBRD to launch renewable energy projects in Azerbaijan

Speaking at the meeting, the head of EBRD in the country, Kamola Makhmudova, stated that the bank will launch several projects in Azerbaijan in the sustainable development and renewable energy sectors this year.

"We have already launched a project on solid waste management in Azerbaijan's Ganja city. This summer we’ll launch two more projects - in the solar and wind energy sectors," she said.

She emphasized that the EBRD will continue to support ‘green’ growth in Azerbaijan.

"This year, we’ll actively work on improving the digitalization sector, ensuring food security, and the transport sector, with a focus on the Middle Corridor," she said.

Food security reserve

Additionally, answering the questions of reporters, Sharifov stated that Azerbaijan has allocated funds to create a reserve in the field of food security.

"Given the rise in prices for food products, AZN193 million ($113.5m) was allocated for this purpose within the amendments to the state budget for this year," he said.

The minister also recalled that the government, following the president's instructions, has prepared and is implementing several anti-inflationary measures.

"Most of them are aimed, first of all, at the elimination of existing customs duties and certain taxes on food products imported by Azerbaijan. Appropriate decisions are being made in this regard. We believe that as a result of these decisions, a price reduction will be achieved," added the minister.

The Black Sea Trade and Development Bank is an international interstate financial and credit organization that was established in 1999 by member states of the Black Sea Economic Cooperation Organization - Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova, Romania, Russian Federation, Turkey, Greece, and Ukraine. BSTDB supports economic development and regional cooperation, participates in lending to projects in the public and private sectors in member countries, opens credit lines, provides investment and guarantees, and finances trade.

Azerbaijan 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.