Azerbaijan and EBRD Strengthen Cooperation with Key Projects and Loan Agreement

Davos, The Gulf Observer: President of the Republic of Azerbaijan Ilham Aliyev met with Odile Renaud-Basso, President of the European Bank for Reconstruction and Development (EBRD), in Davos on January 22, at the request of the EBRD President.

During the meeting, Renaud-Basso congratulated President Aliyev on the successful organization of COP29, praising the significant outcomes achieved during the event. She also discussed several ongoing projects between Azerbaijan and the EBRD, including the bank’s recent approval to finance a water management project in Ganja.

Renaud-Basso further outlined the EBRD’s credit lines aimed at supporting initiatives in Azerbaijan’s banking sector, with a focus on small and medium-sized enterprises, women entrepreneurs, and sustainable development projects.

President Aliyev highlighted key projects currently underway in Azerbaijan, such as those in water management, transportation, and the development of Baku. The two leaders also discussed the potential for exporting green energy to Europe, alongside regional cooperation opportunities with Georgia and Central Asian countries in this field.

The meeting concluded with a signing ceremony for a loan agreement concerning the “Reconstruction of the Water Supply and Wastewater System of the City of Ganja.” The agreement was signed by Mikayil Jabbarov, Minister of Economy of Azerbaijan, and Jürgen Rigterink, EBRD First Vice President.

This collaboration reflects the ongoing commitment between Azerbaijan and the EBRD to foster sustainable development and regional cooperation.