EBRD nearly doubles financing for projects in Azerbaijan in 2023

BAKU. Feb 9 (Interfax) - The European Bank for Reconstruction and Development (EBRD) provided loans totaling 156 million euros in 2023 for implementing two projects in Azerbaijan, the EBRD told Interfax.

The EBRD allocated loans totaling 86 million euros in 2022 to finance nine projects in Azerbaijan, meaning that the bank boosted the volume of financing 1.8-fold in 2023.

The EBRD allocated 310 million euros overall to finance 30 projects in the public and private sectors of Azerbaijan in 2019-2023.

As previously reported, the EBRD plans to allocate $750 million in 2023-2025 in order to implement projects in Azerbaijan.

Azerbaijan has been a member of the EBRD since 1992, during which time the EBRD has allocated 3.62 billion euros to finance 189 projects in the country. The bank's current portfolio in the country totaled 897 million euros for 31 projects at the beginning of 2024, with 90% in infrastructure, 7% in industry and agriculture, and 3% in the financial sector.