Azerbaijan and the European Investment Bank (EIB) signed a framework agreement regulating the bank's activity in the country, according to a message from the representation of Azerbaijan to the European Union (EU) published on Friday.
This agreement reflects Azerbaijan's obligations to the bank, as well as the status accorded to the bank in the country.
The EIB plans to finance projects funded by the European Union within its Neighbourhood Policy. Therefore, priority will be given to regional projects involving two, three or more countries, for instance Georgia, Turkey and other countries. However, there can be projects of a more formal regional character but one way or another, will affect the development of both Azerbaijan and other countries.
EIB earlier expressed willingness to invest in the development of the rail infrastructure in Azerbaijan, offering about $500 million for this purpose.
The signing took place as a result of a meeting between Azerbaijani Minister of Economic Development Shahin Mustafayev and EIB vice-president Wilhelm Molterer.
During the meeting the parties exchanged views on the prospects of cooperation between Azerbaijan and the European Investment Bank.
The delegation led by Shahin Mustafayev visited Brussels on August 28-29.