BAKU, Azerbaijan, May 3. Azerbaijan is taking significant steps to develop the Middle Corridor trade route, Head of the Bank for Reconstruction and Development (EBRD) operations in Azerbaijan Nataly Mouravidze told Trend in an exclusive interview.
"Our economists also see that important steps are being taken to develop the Middle Corridor trade route and promote renewable energy," she emphasized.
According to her, there is growing support for information technology sector development and the digitalization of the economy in Azerbaijan.
"New tax legislation provides incentives for the IT industry, while capital market development is benefiting from a new digital platform that enables online securities issuance by market participants. We believe that further investment in connectivity, improved legislative and regulatory frameworks for renewable energy, and further investments in the non-oil sector will lead to sustainable diversification of the economy and robust growth in the future," Mouravidze added.
Addressing the country's economic development prospects, she underscored the importance of sustainable investments across various sectors, fostering a conducive environment for business growth, and attracting international investors. Confidence was expressed in the country's successful development trajectory and the backing of its economic reforms by international financial institutions.
As of February 29, 2024, the European Bank for Reconstruction and Development (EBRD) had a loan portfolio dedicated to projects in Azerbaijan, totaling 937 million euros across 32 projects.
The bulk of this portfolio (90 percent, or 848 million euros) is allocated toward investments in sustainable infrastructure, with seven percent (64 million euros) earmarked for investments in industry, trade, and the agricultural sector, and the remaining three percent (26 million euros) directed towards investments in financial institutions.
