The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new country strategy for Azerbaijan to build a diversified, inclusive and sustainable economy.
For the next five years, the Bank will seek to help Azerbaijan harness its untapped solar and wind power potential, including by strengthening the electric grid and supporting renewable energy exports, and further enhance the country’s sustainability and climate resilience. Additionally, it will continue to focus on supporting greater economic diversification and private sector development by providing financial assistance to the non-extractive sector and SMEs, encouraging exports and strengthening regional connectivity to foster sustainable growth, the Bank’s press-release said.
According to the strategy, EBRD will channel investment and advisory support to small and medium-sized enterprises in non-oil sectors such as agribusiness, manufacturing and services, information and communication technology, and infrastructure.
It will also focus on empowering female- and youth-led enterprises, supporting innovation and expanding export capabilities through greater competitiveness, while continuing to work with government entities to strengthen corporate governance, advance reforms to state-owned enterprises and improve the overall business climate.
The EBRD will help Azerbaijan to capitalise on its geographical location between Europe and Asia as the government is pursuing a number of multimodal projects to better connect the country to international transport networks. The Bank will invest in sustainable transport networks, municipal infrastructure and digital connectivity, with a particular focus on projects linked to the Middle Corridor.
Nataly Mouravidze, the EBRD’s Head of Azerbaijan, said: “Over the course of the next five years, we will work with Azerbaijan to build a diversified, inclusive and sustainable economy that is driven by innovation and private-sector growth. By tapping into Azerbaijan’s renewables potential and enhancing its regional connectivity, we can unlock long-term opportunities for the country and its people. We already have a strong foundation to build on.”
The EBRD is the largest institutional investor in Azerbaijan. To date, the Bank has invested over €4 billion in Azerbaijan across 195 projects in sectors including renewables, connectivity and sustainable infrastructure.
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A mob attack on an Ahmadi place of worship in Karachi has left one man dead, highlighting ongoing persecution of the minority group.
A Russian court has sentenced 19-year-old Darya Kozyreva to nearly three years in prison for protesting the war in Ukraine using poetry and graffiti.
The new U.S. ambassador to Japan has called for closer military coordination with Tokyo, framing the alliance as crucial amid rising regional tensions and ongoing trade disputes.
Students in Serbia have rallied outside a police station as Belgrade University’s rector is questioned over support for anti-government protests.
OpenAI has unveiled a new option called Flex processing, an API service designed to provide more affordable AI model usage in exchange for slower response times and occasional resource unavailability.
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