Azerbaijan overview

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Cityscape at night

In Azerbaijan we focus on:

  • Helping diversify Azerbaijan’s economy by supporting the development of the private sector in non-oil sectors and strengthening governance of private and state-owned companies.
  • Further expanding access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.
  • Supporting to the country’s green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.

As well as being a country of operations, in 2019 Azerbaijan joined the community of donors to EBRD with a contribution of USD 2 million to the EBRD TC Fund and USD 2 million to the Eastern Europe Energy Efficiency and Environment Partnership (E5P). This funding will support advisory projects, the implementation of transport and municipal infrastructure investments, including solid waste management and other policy reforms. 

The EBRD’s latest Azerbaijan strategy was adopted on 25 April 2019

Azerbaijan's policy response to the coronavirus crisis

The EBRD is monitoring Azerbaijan's policy response to the coronavirus pandemic. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators.

Learn more

EBRD forecast for Azerbaijan’s Real GDP Growth in 2021 2.0 %

EBRD forecast for Azerbaijan's Real GDP Growth in 2022 2.5%

The gradual recovery of Azerbaijan’s economy is being driven by sectors other than oil and gas. After being hit by a triple shock—the Covid-19 pandemic, a slump in oil prices and the flare up of the conflict over Nagorno-Karabakh—Azerbaijan’s GDP declined by 4.3 per cent in 2020. A strong contraction in the oil and gas sector of 7.2 per cent was balanced by a softer decline in the rest of the economy, which was helped by the government’s extensive support package.

Azerbaijan in the EBRD’s 2020-21 Transition Report

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