EIB intends to finance strategic investments in Azerbaijan

At the European Union-Eastern Partnership Summit in Brussels, EIB President Hoyer joined EU and Eastern Partnership leaders in pledging support for economic recovery and sustainable investment in the Eastern Neighbourhood, Report informs, citing the EIB.

It notes that €171 million of EU financing (EIB loans and EU grants) signed for strategic investments during the European Union-Eastern Partnership summit in Brussels underlines the EU commitment to sustainable and resilient socio-economic growth in the region.

As the EU bank, the EIB fully supports the Eastern Partnership’s agenda for recovery, resilience, and reforms underpinned by the EU Economic and Investment Plan. The EIB has provided €11 billion of financing to the Eastern Partnership countries since the establishment of the partnership in 2009.

The Bank also highlighted its intention to provide finance and expertise for strategic investments in Armenia and Azerbaijan following its recent joint mission to these two countries alongside the European Commission and the European Bank for Reconstruction and Development.

All of the EIB’s activities are designed to support the EU Economic and Investment Plan (EIP) for the Eastern Partnership presented by Commissioner Olivér Várhelyi in July 2021. The Economic and Investment Plan offers €2.3 billion of EU grants to Eastern Partnership countries, with the potential to mobilize up to €17 billion in public and private investments for the economies of the region.

EIB President Werner Hoyer said: “The investments that we have just finalised with our partners in Georgia, Moldova, and Ukraine reinforce the European Union’s support for the Eastern Partnership countries as well as Team Europe’s commitment to ensuring the sustainable and resilient socio-economic development of our partner countries. The EIB is very proud to be able to support this shared vision with our investments in key economic sectors such as digitalisation, education, climate action and SMEs. We look forward to the opportunity to further strengthen ties between the European Union and the Eastern Partnership and reinforce EIB’s role as one of the biggest multilateral investors in Eastern Partnership countries.”

In Eastern Partnership countries - Armenia, Azerbaijan, Georgia, Moldova, and Ukraine - the EIB offers accessible, long-term financing supported by guarantees from the European Union, as well as technical advice for the preparation of bankable projects. It complements its loan financing by attracting grants from the European Union.