EBRD President: Supporting diversification of Azerbaijan`s economy is a key area of our country strategy

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Baku, February 15, AZERTAC

“Encouraged by the government’s decision to stimulate this important sector the economy is seeking to increase its level of support. The EBRD has expertise and experience in supporting reform efforts its countries of operations together with other investors. Supporting the diversification of the country’s economy is also key area of the EBRD’s country strategy for Azerbaijan,” said EBRD President Suma Chakrabarti as he met with Minister of Economy Shahin Mustafayev at the EBRD headquarters in London to discuss the cooperation between the Bank and the Azerbaijani government.

President Chakrabarti and Minister Mustafayev discussed the reform efforts and opportunities for cooperation in the corporate and banking sectors, the privatization process and the financing of international road corridors and railway modernization.

The meeting followed visits by Bruno Balvanera, EBRD Director for Caucasus, Moldova and Belarus, and Sue Barrett, EBRD Director, Head of Transport, to Baku earlier this month where they had meetings with the Ministries of Finance and Economy, the Central Bank, SOFAZ, the State Securities Committee, Azerbaijan Railways and Azeryolservice to intensify cooperation and respond to the current economic situation by supporting private sector development.

Since the start of its operations in Azerbaijan, the Bank has invested over €2.55 billion in 161 projects in the financial, corporate, infrastructure and energy sectors.

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