The European Bank for Reconstruction and Development (EBRD) has doubled the volume of investment in projects in Azerbaijan in 2021, Azeri news reports.

The number of financed projects also increased from six to eight, compared to 2020.

Thus, the EBRD allocated loans to the amount of €34 million ($38.5M) for the implementation of eight projects in Azerbaijan. It should be noted that all the projects are financed in the country's private sector.

To recall, in 2020, the EBRD financed six projects in Azerbaijan and allocated loans worth €17 million ($19.2M).

Established in 1991, EBRD invests in projects that contribute to the transition to an open market economy, as well as the development of private and business activities.

The bank is a leading investor in Azerbaijan. To date, the EBRD has invested over €3 billion ($3.5bn) in 177 projects in Azerbaijan’s economy.

The country 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.