Head of EBRD: to Attract Foreign Investment, Azerbaijan Should Return Status of Full EITI Member

The President of the European Bank for Reconstruction and Development Suma Chakraborty within the framework of his visit to Baku had a meeting at the "round table" with representatives of civil society.

Azerbaijan's loss of full membership in the Extractive Industries Transparency Initiative (EITI) has a negative impact on foreign investment in the local economy, he said. He believes this status should be returned to restore confidence. Representatives of non-governmental organizations, speaking about combating corruption, noted progress only in the fight against petty bribes, and that is through the provision of services to citizens via the ASAN service centers network and its outreach.

Speaking about the results of the visit, Chakraborty noted the opportunity to discuss important issues not only with the President and the Government, stressing that the drop in oil prices makes it possible to diversify the economy, which is strongly supported by the Bank, at the expense of the private non-oil sector, for the long-term growth of which, in particular, it is crucial to have a vibrant and sustainable financial system for small and medium-sized businesses.

The head of the bank did not forget the political priority, saying "we will support the Southern Gas Corridor, which diversifies export routes for Azerbaijan and is also important for energy security in Europe."

The Bank's President said the financial sector needs to improve, as it is faced with short-term problems such as low liquidity in local currency and the growth of bad loans, combined with the structural problems of fragmentation and the quality of assets and management. --17D-