By Azernews

Azerbaijan and the European Bank for Reconstruction and Development have discussed prospects for further cooperation, Azernews reports.

The discussion took place during the meeting between Azerbaijan's Economy Minister Mikayil Jabbarov with EBRD's President Odile Renaud-Basso on the sidelines of the World Economic Forum in Davos.

"We held a meeting with the President of the European Bank for Reconstruction and Development (@EBRD) Odile Renaud-Basso (@OdileRenaud) in Davos. We talked about Azerbaijan-EBRD relations, projects implemented in our country with the support of the Bank, and the prospects for further cooperation," the minister tweeted.

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.

Earlier, the bank approved a $51 million loan for the construction and subsequent operation of the Garadagh solar power plant, to be built by the UAE's Masdar in Azerbaijan.

Moreover, on May 12, Azerbaijan and European Bank for Reconstruction and Development (EBRD) signed a loan agreement to finance the "solid waste management" project in Ganja. The project is part of Ganja’s engagement in the EBRD's Green Cities program and will trigger the development of a Green City Action Plan (GCAP). The €10 million loan will be used to introduce smart waste collection and route optimization systems. New container types, enhancement of the current fleet, and introduction of greener vehicles will significantly reduce the carbon footprint of the city’s municipal services.

Azerbaijan has been a member of the EBRD since September 25, 1992. The main strategic directions of the EBRD's activity in Azerbaijan, are the diversification of the economy, the development of local capital markets, and the support of the green economy. To date, the EBRD has invested over €3.5 billion through 181 projects in the country.

One of the main priorities of EBRD in Azerbaijan is to support the local corporate sector with direct financing. EBRD continues to pursue investments 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.