EU allocates two billion euros to Azerbaijan for economic development

Baku/08.12.22/Turan: “The European Union (EU) will allocate up to 2 billion euros to Azerbaijan to further diversify the economy, create jobs and promote inclusive rural development, reported the EU Delegation in Baku.

“Today, the High-Level Working Group on the EU Economic Investment Plan began its work. The new coordinating body, together with the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), as well as the financial institutions of the EU member states, will guide and prioritize investments in the spirit of Team Europe.

This will help to maximize the potential of Azerbaijan's economic and investment plan to attract up to 2 billion euros of investments to the country.

The working group will meet regularly with the European Commission, the Azerbaijani government and European financial institutions to identify and jointly implement priority investment projects, will explore investment opportunities in renewable energy, communications, small and medium businesses and the transition to green and digital technologies.

Lawrence Meredith, Director of the European Commission's Eastern Neighborhood and Institution Building, said the launch of the High-Level Working Group on the Economic and Investment Plan is another clear indication of the EU's close partnership with Azerbaijan:

“The economic investment plan is already bringing tangible benefits to the people of Azerbaijan. Thus, up to 90 million euros have already been allocated to Azerbaijan to improve street lighting in Ganja and finance small businesses. With the start of the work of the Working Group, we will be able to ensure that Azerbaijan and its people receive more benefits from the investment potential envisaged in the Economic Investment Plan,” it was reported. ---16D---