EBRD will participate in project of Southern Gas Corridor

Baku. 8 May. REPORT.AZ/ President of the European Bank for Reconstruction and Development (EBRD) Sir Suma Chakrabarti arrived in Azerbaijan today, within the official visit to the South Caucasus. This is the second official visit of the President of EBRD in Azerbaijan after his appointment to this post. Report informs, Sir S.Chakrabarti said at press conference held in Baku today.

Sir S.Chakrabarti noted that, to date the bank has invested in Azerbaijan's economy more than 2.33 billion Euros in 156 projects.

During the visit, the head of the EBRD met with President Ilham Aliyev, Minister of Economy and Industry Shahin Mustafayev, the Governor of the Central Bank, Elman Rustamov and other officials. At the same time, the guest will hold meetings with representatives of business and civil society.

S.Chakrabarti noted that, according to the original agreement between the parties, EBRD will assist the Government of Azerbaijan in connection with the project of manat issue bonds for the purpose of placing them on foreign markets: "We will try to achieve this by the end of the year. If this happens, EBRD will be the first organization issuing securities in Azerbaijani manats."

The Bank organizes regular syndicated loan in connection with the project "Shahdenih-2."

S.Chakrabarti noted that, the loan amount is not determined yet. According to him, the question of amount of the loan will be discussed at a meeting of the Board of Directors of the EBRD, which will be held in mid-summer.

"In addition, it is likely that we will take part in the Southern Gas Corridor project", said the head of the Bank.

Along with this, EBRD will allocate this year a credit to the agricultural sector of Azerbaijan. The initial cost of the project is 50 mln. USD.