Economy Minister Mikayil Jabbarov, who is visiting the United Kingdom to attend the Annual Meeting of the European Bank for Reconstruction and Development,participated in the opening and plenary sessions of the EBRD Board of Governors.
European Bank for Reconstruction and Development Board of Governors opening session focused on discussions of the best practices and potential opportunities related to the effective use of economic resources amid global challenges, the formation of infrastructure that supports climate action, digital transformation, investments in modern business solutions, industrial policy, and social security.
European Bank for Reconstruction and Development's Annual Meeting also featured a plenary session of the EBRD's Board of Governors. Minister of Economy Mikayil Jabbarov delivered a speech at the event, highlighting the EBRD's continued support for its partner countries. He noted that the past year was marked by major investments and projects, which demonstrates the bank's growing influence in the international financial sphere.
He stressed the importance of cooperation in areas such as the development of public-private partnerships and expanding support for small and medium-sized enterprises.
Emphasizing that Azerbaijan is committed to addressing global challenges and advancing the green transition process, the minister noted that the country demonstrated global leadership by hosting COP29 and reached a landmark agreement to triple climate finance for developing countries. This agreement envisions providing $300 billion annually in climate finance to those countries by 2035.
As part of the visit, Minister Mikayil Jabbarov met with Ted MoynihDNan, Global Head of Industries at Oliver Wyman Group. The meeting provided information on the initiatives done in Azerbaijan to diversify the economy and develop the non-oil sector. The parties deliberated on cooperation opportunities to increase added value and exports in the country's economy and attract investments, against the backdrop of current challenges in the business environment.
Madina Mammadova\\EDnews
