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.
The U.S. military began a blockade of Iran's ports on Monday, President Donald Trump said, and Tehran threaten...
Since Monday, Monday (13 April), America has blocked traffic entering and leaving Iran's ports, in an escalation of the conflict in the Mi...
The European Union has reached a preliminary agreement to restrict foreign metal imports, nearly halving tariff-free steel volumes and imposing 50 ...
Canada’s Prime Minister, Mark Carney, has secured a parliamentary majority for the Liberal Party of Canada, strengthening his ability to gove...
North Korea conducted a complex test-firing of strategic cruise missiles and advanced anti-warship munitions on...
Economic cooperation could play a key role in advancing the Azerbaijan-Armenia peace process, but persistent trust deficits, political uncertainty in Armenia, and regional geopolitical tensions continue to challenge its long-term sustainability, an analyst said.
Azerbaijani and Armenian civil society representatives have convened for a new round of dialogue under the ‘Peace Bridge’ initiative, as both sides seek to sustain engagement ahead of key political developments in the region.
The reopening of Azerbaijan’s embassy in Iran reflects the “special relationship” between the two countries, a regional expert has said.
Eurasia is no longer a passive space shaped by great powers but an active arena of contestation involving multiple overlapping conflicts and competing connectivity projects.
U.S. President Donald Trump warned that any Iranian ships approaching ports in the Strait of Hormuz would be "immediately eliminated" on Monday, as the U.S. started its blockade.
Millions of Orthodox Christians across the globe celebrated Easter, known as Holy Pascha, on Sunday (12 April) with midnight liturgies, candlelight processions and deeply rooted local traditions reflecting centuries of faith.
Afghanistan’s Foreign Ministry said on Sunday that talks with Pakistan had been positive, while Türkiye stressed the importance of stronger ties between Kabul and Islamabad.
Centre-right Peter Magyar's Tisza Party has won a landslide in Hungary after a night of counting in the Hungarian election. Viktor Orbán has conceded defeat after 16 years in power. "We have done it. Tisza and Hungary have won this election", Magyar said to cheering supporters in Budapest.
Hungary’s election winner Péter Magyar has said he does not support Ukraine’s fast-track entry to the European Union and will uphold an opt-out allowing Hungary to avoid contributing to a €90 billion EU loan for Kyiv.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment