President of Azerbaijan, Ilham Aliyev, welcomed a delegation led by Jurgen Rigterink, the First Vice President of the European Bank for Reconstruction and Development (EBRD), in a meeting that took place on September 7. Although the specifics of the meeting’s agenda were not disclosed, critical information regarding the EBRD’s ambitious plans for Azerbaijan emerged.
The EBRD has committed to allocate a substantial sum of $750 million between 2023 and 2025 for the implementation of diverse projects within Azerbaijan. Approximately $300 million of this funding is expected to be signed into effect this year. These projects will encompass sectors such as energy, transport, finance, and the promotion of small and medium-sized enterprises.
Significantly, the transportation projects, among others, hold the promise of facilitating Azerbaijan’s integration into the Middle Corridor, an initiative aimed at fostering connectivity between Europe and Asia.
In 2022, the EBRD sanctioned the allocation of 86 million euros to Azerbaijan, earmarked for the realization of nine distinct projects. Notably, a substantial 71% of this allocation was directed towards green energy initiatives.
Azerbaijan’s membership in the EBRD, established since 1992, has resulted in significant cooperation, with the bank providing loans totaling almost 3.8 billion euros for the successful implementation of 185 projects in the country. Presently, the EBRD’s portfolio comprises 33 active projects in Azerbaijan, collectively exceeding a value of 800 million euros.
A government source told Turan that this cooperation reflects Azerbaijan’s commitment to strengthening strong partnerships and economic growth, backed up by invaluable support and investment from international institutions such as the EBRD
Source: Turan News Agency