AZERBAIJAN`S MINISTER OF ECONOMIC DEVELOPMENT MEETS EBRD FIRST VICE-PRESIDENT
Azerbaijan`s Minister of Economic Development Heydar Babayev today has met with the First Vice-President of European Bank for Reconstruction and Development (EBRD) Varel Freeman.
Mr. Babayev underlined that the government of Azerbaijan attaches high significance to developing relations with the international financial structures, including EBRD. Minister noted that EBRD has invested US $ 1 bln to implement various projects in the country, of which 591,2 mln falls at the private sector. The large-scale projects such as “Construction of Yenikand hydroelectric power station”, “Reconstruction of Mingachevir hydroelectric power station”, “Modernization of air navigation system” were implemented with the EBRD`s financial support. Besides, EBRD is expected to finance such projects as “Rehabilitation of Azerbaijan thermoelectric power station”, “Modernization of State Railway`s locomotive park”.
EBRD First Vice President expressed his satisfaction with cooperating Azerbaijan. Mr. Freeman underlined that works done to improve business climate in Azerbaijan are in the focus of European Bank for Reconstruction and Development. EBRD provided financial support to some banks of Azerbaijan to develop the private sector, said Mr. Freeman. EBRD is ready to cooperate with Azerbaijan`s National Fund to Aid Entrepreneurship as well, added First Vice President.
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