Minister: Azerbaijan to continue supporting BSTDB’s efforts to increase capital

By Ayya Lmahamad

Azerbaijan’s Finance Minister Samir Sharifov has said that the
country will continue supporting the efforts of the Black Sea Trade
and Development Bank (BSTDB) to increase capital.

He made the remarks while chairing the 24th annual meeting of
the BSTDB in Baku on June 23, Azernews reports, citing Trend.

“The BSTDB significantly increased its capital in 2021. Under
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 is faced with 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 want 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, the head of EBRD in the country, Kamola
Makhmudova, stated that the bank will launch several projects in
Azerbaijan in the sustainable development and renewable energy
sectors this year.

“We have already launched a project on solid waste management in
Azerbaijan’s Ganja city. This summer we’ll launch two more projects
– in the solar and wind energy sectors,” she said.

She emphasized that the EBRD will continue to support ‘green’
growth in Azerbaijan.

“This year, we’ll actively work on improving the digitalization
sector, ensuring food security, and the transport sector, with a
focus on the Middle Corridor,” she said.

The Black Sea Trade and Development Bank is an international
interstate financial and credit organization that was established
in 1999 by member states of the Black Sea Economic Cooperation
Organization – Albania, Armenia, Azerbaijan, Bulgaria, Georgia,
Moldova, Romania, Russian Federation, Turkey, Greece, and Ukraine.
BSTDB supports economic development and regional cooperation,
participates in lending to projects in the public and private
sectors in member countries, opens credit lines, provides
investment and guarantees, and finances trade.

Azerbaijan has been cooperating with EBRD since 1992 to achieve
further economic development. One of the main priorities of EBRD in
Azerbaijan is to support the local corporate sector with direct
financing. EBRD continues to pursue investments in energy projects,
especially where there is a gap to improve efficiency and energy
security. Azerbaijan is the largest recipient of the 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 AzerNews’ staff journalist, follow her on
Twitter: @AyyaLmahamad

Follow us on Twitter
@AzerNewsAz