Today.Az » Business » EBRD to potentially include more cities in green cities program
12 August 2022 [15:49] - Today.Az
By Sabina Mammadli
The European Bank for Reconstruction and Development (EBRD) and Azerbaijan’s Economy Ministry are in the early stage of discussions to potentially include new cities in the EBRD Green Cities program, Azernews reports.
An EBRD official stated that the eligible cities need to have a population of at least 50,000 residents. Moreover, the cities must commit to the development and implementation of the Green City Action Plan and launch a trigger investment project with the EBRD.
"At present, we are fully focused on the implementation of the solid waste and street lighting projects and preparation of the Green City Action Plan for Ganja city,” the source said.
The bank plans to sign a new project in the Azerbaijani city of Ganja in September 2022.
It was noted that the project will support the introduction of modern and energy-efficient street lighting infrastructure for Ganja residents.
"We plan to sign a Ganja Street Lighting Project, during the visit of the bank's President, Odile Renaud-Basso, to Azerbaijan. As part of this project, we also plan to sign an agreement for an investment grant in the amount of 2.5 million euros by the E5P Fund, which is supported by the European Union and other international donors," the source added.
Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.
The bank is a leading investor in Azerbaijan. To date, the EBRD has invested over €3 billion ($3.5bn) in 177 projects in Azerbaijan’s economy.
The country has been cooperating with EBRD since 1992 to achieve further economic development. One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to invest in energy projects, especially where there is a gap to improve efficiency and energy security.
Azerbaijan is the largest recipient of the EBRD funds in the Caucasus, as well as one of the largest recipients of this organization’s funds in the CIS and Eastern Europe.