EIB announces directions to extend activity in Azerbaijan

"We are the biggest investment bank in the world. At the same time, we have invested EUR 64 billion so far, including half in the private sector," Jean-Jacques Soulacroup, Deputy head of Corporate Division at the European Investment Bank (EIB) said at the EU-Azerbaijan Business Forum.

He said that the activity in Azerbaijan is not so satisfactory: "We are a very big bank. However, we almost don’t have activity in Azerbaijan. Currently, we are interested in extension of our activity in two directions in Azerbaijan - financial sector and support to small and medium-sized business."

According to EIB’s terms, companies intending to benefit from the financial aid are to operate at least 12 years and meet 50% (not less than $15 million) of the value of the project. Energy projects are excluded. The bank is ready to support 75% of them.

EIB has allocated EUR 1.5 million for TAP’s construction.