Azerbaijan raised about 17.3 million euros from the European Bank for Reconstruction and Development (EBRD) in 2019 to support five projects.
On an annualized basis, the value of EBRD investments raised by the country decreased by more than 17.5 times, or by 286.9 million euros, because in 2018, Azerbaijan raised over 304 million euros, entering the top 10 countries in terms of attracted investments.
The EBRD Board of Directors approved a new strategy for Azerbaijan for 2019-2024 in April 2019, the main priorities of which are to support the development of the private sector in the non-oil sector, contribute to the diversification of Azerbaijan’s economy and expand access to financing for local enterprises by stimulating lending to local banking and non-banking organizations, as well as promoting local currency and capital markets.
In addition, the bank pledged to support the country’s green economy, including renewable energy, increasing energy efficiency, cleaner transport and sustainable infrastructure.
Azerbaijan joined the community of EBRD donor countries in November 2019, and EBRD President Suma Chakrabarti and Azerbaijani Prime Minister Ali Asadov signed the corresponding agreement at the first investment summit of the Eastern Partnership, which was held in London.
The EBRD is a leading institutional investor in Azerbaijan and has so far invested close to 3.3 billion euros in 168 projects across various sectors of the economy. The bank’s new strategy in the country focuses on efforts to help Azerbaijan diversify the economy and develop private sector in the non-oil sectors.