BAKU, Jan. 31 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) has approved a new country strategy for Azerbaijan, aiming to drive economic diversification and accelerate the transition to green energy over the next five years, the bank said in a statement on Friday.
The strategy prioritizes reducing Azerbaijan's reliance on hydrocarbons by strengthening private sector competitiveness, supporting small and medium-sized enterprises (SMEs), and advancing corporate governance reforms. The EBRD will focus on non-oil sectors such as agribusiness, manufacturing, information technology, and infrastructure while also promoting female- and youth-led enterprises.
On the green transition, the EBRD plans to invest in solar and wind energy projects, enhance energy efficiency, and strengthen the country's power grid to support renewable energy exports. Moreover, the bank will finance improvements in transport infrastructure and digital connectivity, with a particular emphasis on projects linked to the Middle Corridor.
"I'm pleased with the recent Board approval of our new strategy," said Nataly Mouravidze, the EBRD's head of Azerbaijan. "We will work with Azerbaijan to build a diversified, inclusive, and sustainable economy driven by innovation and private-sector growth."
The EBRD, Azerbaijan's largest institutional investor, has so far invested over 4 billion euros across 195 projects in the country.
