EBRD approves five-year strategy with Azerbaija

Baku / 30.04.19 / Turan: The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved a five-year strategy defining relations with Azerbaijan. According to the EBRD"s Baku office, priorities for 2019-2024 will be support for the development of the non-oil sector, strengthening the management of private and state-owned companies, and continuing efforts to diversify the Azerbaijani economy. In addition, the EBRD will continue its work to expand the access of local businesspersons to financial resources by encouraging lending to local banks and non-banking organizations, and assisting the foreign exchange and capital markets. In addition, the bank will strengthen the promotion of renewable energy sources, energy efficiency. The head of the EBRD"s Baku office, Ivana Duarte, stated that the new strategy gives impetus to the bank"s activities in Azerbaijan. "The bank is ready to assist the development of the non-oil sector of Azerbaijan, strengthen local lenders, and increase investment in the ecological economy." It is noted that so far the EBRD has invested EUR 3.3 billion in Azerbaijan. -0-