|
EBRD President visits Azerbaijan to bolster support for private-sector development
Holds meetings in Baku, 10 & 11 May 2001
The President of the European Bank for Reconstruction and Development (EBRD), Jean Lemierre, is expected to praise the economic stability of Azerbaijan as a remarkable achievement when he visits Baku for a two-day visit.
During his visit, which concludes a weeklong trip to the Caucasus region, Mr Lemierre plans to meet President Aliyev, Prime Minister Arthur Rasi-zade, National Bank of Azerbaijan Chairman Elman Rustamov, Minister of Economic Development Farhad Aliyev, as well as representatives of embassies, international financial institutions and private companies.
Last year the EBRD provided a record €82 million in new business. All told, its current commitments in Azerbaijan are €389 million. Mr Lemierre will use his first visit to Azerbaijan since taking office in July 2000 to reaffirm the EBRD's commitment to the country. The EBRD intends to help Azerbaijan improve its investment climate and will considerably increase its investment portfolio over the next two years, if sound projects can be identified.
In January 2001, the EBRD Board of Directors approved a strategy for Azerbaijan; it can be found on the Bank's web-site, www.ebrd.com. The EBRD will focus on six main areas:
- promoting micro businesses and small and medium-sized enterprises (SMEs) through financing, work on the investment climate, and indirectly through its investments in infrastructure, financial sector and oil and gas projects;
- building a financial sector that commands the confidence of the population and acts as an efficient link between savers and investors - in particular micro businesses and SMEs;
- assisting in the privatisation of medium and large enterprises during the second stage of privatisation, and directly contributing to the privatisation process through the provision of technical assistance and select investments;
- supporting Azerbaijan in the creation of a market-based infrastructure by promoting commercialisation, a stronger institutional and regulatory framework, and an enhanced level of competition through catalysing private-sector involvement;
- assisting Azerbaijan in realising the economic potential of its substantial oil and gas reserves through select investments in the oil and gas sector;
- supporting the creation of a sound investment climate through active policy dialogue with the government based on the Bank's considerable project experience and by supporting the efforts of the local business association.
In its efforts to promote balanced economic growth in Azerbaijan, the Bank will also aim to support enhanced cooperation within the Caucasus and Caspian Sea region by investing in regional infrastructure projects and promoting inter-regional trade.
|
