EBRD to allocate money for electricity network improvement in Azerbaijan


April 29, Fineko/abc.az. The European Bank for Reconstruction & Development (EBRD) is showing an interest in launching the Green City Project in Azerbaijan.

ABC.AZ reports that the relevant statement was made by EBRD president Suma Chakrabarti during a video conference with President Ilham Aliyev.

According to EBRD president, the financial institution he is leading is ready to invest in this project $150 million. Chakrabarti also noted that they have no problem with investing EUR 100-200 million in projects in the area of improvement of electric networks.

"We’re ready to finance projects in the field of renewable energy sources, privatize state-owned companies, implement pilot projects in the field of irrigation, provide technical assistance to commercial banks in Azerbaijan, and work with small and medium-sized businesses to diversify the economy," the EBRD president said.