BAKU, Azerbaijan, October 5. Azerbaijan discussed directions of development of relations with the European Bank for Reconstruction and Development, diversification of economy, promotion of public-private partnership and projects implemented with the support of the Bank,TurkicWorld reports.

According to the Ministry of Economy of Azerbaijan, Economy Minister Mikayil Jabbarov held a meeting with Matteo Patrone, Executive Director of the European Bank for Reconstruction and Development (EBRD) for Eastern Europe and the Caucasus, where the mentioned issues were discussed.

At the meeting, successful ties between Azerbaijan and the EBRD in various directions were emphasized, and information was provided on Azerbaijan's socio-economic priorities.

Wide opportunities for cooperation within the framework of achieving the planned development goals were noted. In this context, the sides discussed further steps to implement priority projects in the spheres of green economy, energy, especially renewable and alternative energy, private sector development, infrastructure and other areas.

Patrone noted the Bank's effective cooperation with Azerbaijan and emphasized that the country's economic potential contributes to the formation of a favorable ground for the expansion of ties. The Bank will continue to support Azerbaijan's economic development, he said.

The sides discussed the directions of development of ties between Azerbaijan and the EBRD, diversification of the economy, promotion of public-private partnership and projects implemented with the Bank's support.

The loan portfolio of EBRD projects in Azerbaijan was estimated at 787 million euros as of July 31, 2023. According to the EBRD, the loan portfolio is designed for the realization of 31 projects.

Most of the portfolio (88 percent or 692 million euros) is aimed at investments in sustainable infrastructure, 9 percent or 67 million euros - on investments in industry, trade and agricultural sector, and 3 percent or 28 million euros - on investments in financial institutions.

Overall, the bank has invested over 3.4 billion euros in Azerbaijan in 188 projects.

The EBRD has been cooperating with Azerbaijan since 1992 and is the leading investor in the country.