EBRD to ‘considerably’ increase investing in Azerbaijan

/By Azernews/

By Gunay Camal

There will be a significant growth in the investments of the European Bank for Reconstruction and Development`s (EBRD) in Azerbaijan in 2016, said EBRD president Suma Chakrabarti as he met with chairman of the Board of Directors of Azerbaijan`s Financial Market Control Chamber Rufat Aslanli.

Chakrabarti said EBRD attached great importance to relations with Azerbaijan, adding that the Bank backs reforms conducted in the country.

In his turn, Aslanli spoke about the state of the Azerbaijani financial market and the medium-term strategy of Azerbaijan's Financial Market Supervisory Body.

Aslanli said Azerbaijan's Financial Market Supervisory Body is ready for a close cooperation with the EBRD for recovering the country's banking sector.

The meeting stressed that there is a great potential for intensifying the Azerbaijan-EBRD cooperation.

Azerbaijan has urged the European Reconstruction and Development Bank (EBRD) to render technical support for establishing a free trade zone in the Alat settlement at the initial stage, said Shahin Mustafayev, Azerbaijani economy minister at a meeting with Suma Chakrabarti.

The minister stressed the possibilities of cooperation in the field of transit, as well as within the Trans-Anatolian gas pipeline (TANAP), which is an important part of the Southern Gas Corridor.

Mustafayev informed the guest about the reforms underway in Azerbaijan in various spheres, including the entrepreneurship.

"Azerbaijan attaches great importance to the relations with the EBRD," Mustafayev said, adding that Chakrabarti's visits to the country testify to the expansion of successful cooperation.

"Azerbaijan appreciates the EBRD's financial support rendered for the development of public and private sectors," the minister said. "Using of the best practice, modern technologies and know-how in the projects, being implemented together with international financial institutions, including the EBRD, is important for us."

Chakrabarti, for his part, stressed that the EBRD's purpose is to support the developing countries and the Bank will intensify its efforts in this direction

"The EBRD rendered financial support for nine projects in Azerbaijan in 2015,” he added.

Chakrabarti also noted that EBRD and Azerbaijan can cooperate in the fields of tourism, infrastructure and establishment of special economic zones.

The EBRD has so far allocated the loans totaling $2.9 billion to Azerbaijan for implementation of 164 projects, including 154 private sector projects.