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Country data
- Population:
- 8.8 million
- Area:
- 86, 600 sq km
- Capital:
- Baku
- Currency:
- Manat
Key developments and challenges
Rebalancing of the economy towards non-oil sectors has continued. As oil output continued to contract, non-oil sectors expanded, stimulated by rising public expenditure.
The state-owned International Bank of Azerbaijan (IBA) was recapitalised. Following an international audit, the government increased its stake in the bank and the central bank provided liquidity. Although the authorities hired an international adviser to support the bank’s privatisation, little progress was made in this area.
The Shah Deniz consortium chose the Nabucco West pipeline as a potential export route to Europe. The new pipeline, once built, will transport Caspian natural gas to Austria via Turkey, thus further diversifying export routes for Azerbaijan and import sources for the European Union.
More developments and challenges
Azerbaijan
Key facts about the EBRD's work in Azerbaijan
|
No. of projects |
117 |
|---|---|
|
Net business volume |
€1.5 billion |
|
Total project value |
€6.6 billion |
|
Gross disbursements |
€1.0 billion |
|
Portfolio in private sector |
43% |
Our strategy in Azerbaijan
To help speed up reforms and address some of the challenges facing Azerbaijan, the EBRD’s activities there will focus on three main areas: industry, commerce and agribusiness, finance and energy and infrastructure.
To build up a more attractive investment environment, private sector development in Azerbaijan will be supported.
Priority areas include increasing investments in the country’s non-oil sector, funding financial sector development and support for small business entrepreneurs.
The Bank will also seek to engage with other international financial institutions and the business community in policy dialogue with the authorities, in order to implement reforms and improve the investment climate.
These will include investment climate issues, mobilising donor financing in support of the preparation and implementation of projects, advisory support, institution building and legal transition work.
NEWS
CONTACTS
Landmark I, 4th Floor
96 Nizami Street
370010 Baku
Azerbaijan
Tel: +994 12 497 1014
Fax: +994 12 497 1019