EBRD, Azerbaijan Investment Holding to cooperate in cargo transportation

EBRD, Azerbaijan Investment Holding to cooperate in cargo transportation

BAKU, Azerbaijan, May 16. The European Bank for Reconstruction and Development (EBRD) and the Azerbaijan Investment Holding signed a document providing for cooperation in the field of cargo transportation, TurkicWorld reports via the tweet of the First Deputy Minister of Economy of Azerbaijan Elnur Aliyev.

According to Aliyev, the document was signed within the framework of the 32nd Annual Meeting of the EBRD Board of Directors.

"At the session dedicated to the investment opportunities of Azerbaijan, held within the framework of the 32nd Annual Meeting of the Board of Directors of the European Bank for Reconstruction and Development, we spoke about the business and investment environment of our country, renewable and green energy, transport and transit potential," the official added.

The loan portfolio of the EBRD projects in Azerbaijan was estimated at 844 million euros as of March 3, 2023.

The loan portfolio is for the implementation of 35 projects.

The major part of the investment portfolio (87 percent or 730 million euros) focuses on sustainable infrastructure, 10 percent (85 million euros) – on industry, trade, and agriculture, and three percent (29 million euros) – on financial institutions.

In total, the bank has invested over 3.53 billion euros in 188 projects in Azerbaijan.

The European Bank for Reconstruction and Development (EBRD), the country's leading investor, has been cooperating with Azerbaijan since 1992.

Earlier, EBRD Country Head for Azerbaijan Kamola Makhmudova said that the expected portfolio of investment projects for the next three years is $750 million. The EBRD plans to allocate nearly $300 million in 2023 for energy, transport, the private sector, SMEs, and the banking sector.