Azerbaijan, Baku, Aug. 20 / Trend , I.Khalilova/
The European Bank for Reconstruction and Development (EBRD) will now develop a new strategy for activity in Azerbaijan, which will cover the next two years, in early 2010 (possibly in January), the EBRD Baku Office said on Aug. 20.
"In order to discuss areas of cooperation under the new strategy, members of the EBRD Board of Directors are expected to visit Baku in early 2010," said the office.
Today, the bank continues to maintain its leading role in the development of Azerbaijan's banking sector. The bank's highest priority for funding in subsequent years is non-oil sector, including and agribusiness. The bank also increased its participation in the funding of key transportation, energy and infrastructure projects. The bank is already working directly and indirectly to support the private sector and further development of private entrepreneurship and the financing of small- and medium-sized entrepreneurship (SME).
It is projected that by the end of 2009, a total volume of investment approved by the EBRD in Azerbaijan will exceed $1 billion. In 2008, the bank invested $120 million in 19 projects of Azerbaijan, and in 2009, this volume will be $220 million in 14-15 different projects.
In 2010, the bank plans to invest more than in 2009. In particular, the bank intends to double investments to support the banking and real sectors of Azerbaijan's economy, small and medium-sized businesses, the electricity sector. The Eurobank is going to do it by long-term financing for 5-15 years.
Totally, the EBRD implemented 90 projects in Azerbaijan, investing a total of $1.2 billion.
EBRD is the bank, whose funds are used to develop a market economy and democracy in 30 countries - from Central Europe to Central Asia. Its owners are 61 countries and two international organizations
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