Azerbaijan will continue to support BSTDB’s efforts to increase its capital [PHOTO]
By Ayya Lmahamad
Azerbaijani Finance Minister Samir Sharifov said the country will continue to support efforts by the Black Sea Trade and Development Bank (BSTDB) to raise capital.
He made the remarks while chairing the 24th BSTDB annual meeting in Baku on June 23, Azernews reports, citing Trend.
“BSTDB significantly increased its capital in 2021. In the current geopolitical situation, Azerbaijan expressed its readiness to contribute to the bank’s efforts to increase its capital,” he said.
Noting that the Black Sea region today faces an unprecedented situation, the Minister added that the situation in Ukraine has disrupted global supply chains, threatening trade, food and energy security.
“On behalf of Azerbaijan, I would like to express our full readiness to provide the bank with all possible support,” he said.
EBRD to launch renewable energy projects in Azerbaijan
Speaking at the meeting, EBRD country manager Kamola Makhmudova said that the bank will launch several projects in Azerbaijan this year in the sustainable development and renewable energy sectors.
“We have already launched a project on solid waste management in the Azerbaijani city of Ganja. This summer we will launch two more projects – in the solar and wind energy sectors,” she said.
She underlined that the EBRD will continue to support “green” growth in Azerbaijan.
“This year, we will actively work on improving the digitization sector, food security and transport sector, with emphasis on the middle corridor,” she said.
The Black Sea Trade and Development Bank is an interstate international financial and credit organization established in 1999 by the member states of the Black Sea Economic Cooperation Organization – Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Moldova , Romania, Russian Federation, Turkey, Greece and Ukraine. The BSTDB supports economic development and regional cooperation, participates in the financing of projects in the public and private sectors of member countries, opens lines of credit, provides investments and guarantees, and finances trade.
Azerbaijan has been cooperating with the EBRD since 1992 to pursue its economic development. One of the main priorities of the EBRD in Azerbaijan is to support the local business sector through direct financing. The EBRD continues to pursue its investments in energy projects, especially where there is a gap to improve energy efficiency and security. Azerbaijan is the largest recipient of EBRD funds in the Caucasus, as well as one of the largest recipients of this organization’s funds in the CIS and Eastern Europe.
Ayya Lmahamad is the journalist of AzerNews, follow her on Twitter: @AyyaLmahamad
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