EBRD is ready to support Azerbaijan in COP29 initiative, says Bank's first VP

The portfolio of bilateral cooperation covers important issues, and Azerbaijan's globally important initiatives stimulate partnership.

According to Azernews, the first vice president of the European Bank for Reconstruction and Development, Jurgen Rigterink, said this while speaking at a virtual meeting with Azerbaijan's Ministry of Economy.

The first VP of the bank touched on the importance of holding the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Azerbaijan and said that the EBRD is ready to support Azerbaijan in this direction.

At the meeting, the projects implemented in Azerbaijan with the support of the Bank, the prospects of cooperation with Azerbaijan Khazar Maritime Shipping CJSC, and the possibilities of expanding joint activities in the field of improving the ecosystem of renewable energy and information technologies were reviewed.

According to Mikayil Jabbarov, the Economy Minister of Azerbaijan, Azerbaijan attaches importance to the development of relations with the Bank, and the application of advanced experience and innovative technological innovations in the projects implemented jointly with the EBRD is particularly important.

Energy, especially renewable and alternative energy, Government Cloud Information Centre (G-Cloud) with EBRD, etc. It is important to discuss the priority projects on the agenda.

Note that EBRD helps to diversify Azerbaijan’s economy by supporting the development of the private sector in non-oil sectors and strengthening the governance of private and state-owned companies. Besides, the bank aims to expand access to finance for local businesses by encouraging lending by banks and non-bank financial institutions, as well as by helping develop local currency and capital markets.

EBRD also supports the country’s green economy, including financing for renewable energy sources, increased energy efficiency, cleaner transport, and sustainable infrastructure.

According to EBR's report, as well as being a country where the EBRD works, Azerbaijan is also an EBRD donor with a total contribution of €3.6 million, of which 50% is for the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund and the other 50% are to the Azerbaijan – EBRD Cooperation Account.