Azerbaijan inks memo on expanding co-op with EBRD

Today, the European Bank for Reconstruction and Development (EBRD) Executive Director for Eastern Europe and the Caucasus Matteo Patrone and Azerbaijani Economy Minister Mikayil Jabbarov signed a memorandum, Report informs, citing Mikayil Jabbarov.

"The signed memorandum will contribute to expanding our cooperation and achieving socio-economic development goals by 2030 by supporting the development of the private sector in the country," the minister said.

Prospects for expanding cooperation and new projects were discussed at an online meeting with the EBRD's Executive Director for Eastern Europe and the Caucasus.

The European Bank for Reconstruction and Development has been cooperating with Azerbaijan for 30 years. Azerbaijan has been a member of the EBRD since 1992. To date, the bank has allocated 3.4 billion euros to finance 181 projects in the country.

In 2019, Azerbaijan became one of the EBRD's donors, donating the Technical Assistance Foundation and the Eastern European Energy Efficiency and Environment Partnership $2 million each. At present, the EBRD is focused on the development of the non-oil sector in Azerbaijan and is increasing investment in the country's "green" economy.