TODAY.AZ / Business

EBRD eyes approval of new strategy in Azerbaijan by late April

07 March 2014 [10:54] - TODAY.AZ
A new activity strategy by the European Bank for Reconstruction and Development (EBRD) in Azerbaijan will be approved by late April, head of the EBRD Baku office Neil McKain told Trend on March 5.

"It is expected that the Board of Directors meeting will be held on April 30 during which the draft strategy will be approved. Currently, the text of the draft strategy is open to anyone wishing to discuss it. We will receive feedback, comments and suggestions on the draft document within 60 days in order to submit the final version to the Board of Directors, McKain said.

The goals and tasks reflected in the document are ambitious enough, according to EBRD Baku Office head.

"Meanwhile we have no doubt that these goals can and should be fulfilled in time," McKain added.

The draft strategy of EBRD's activity in Azerbaijan is designed for three years and covers the period from 2014 to 2017.

EBRD has allocated 1.577 billion euros to finance 138 projects in Azerbaijan from 1991 until late November 2013. The total cost was 6.6 billion euros. About 35 percent of the bank's investments have been made in the energy sector, 33 percent in the financial sector, 21 percent in the development of infrastructure and 11 percent in the corporate sector.
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