EIB mission to visit Azerbaijan
The European Investment Bank (EIB) can provide financial support for the construction and reconstruction of roads and railways in Azerbaijan.
Vice President of the European Investment Bank Vazil Hudák made the remarks at a meeting with Azerbaijani Economy Minister Shahin Mustafayev on September 25.
During the meeting it was noted that in 2013 Azerbaijan and the EIB signed a framework agreement. It was said that the bank took part in the financing of TANAP and TAP projects, in the framework of cooperation with the private sector, allocated loans to Azerbaijani banks.
The Economy Minister said that the Agency for the Development of Small and Medium Business was created in the country in order to support small and medium-sized businesses, and noted the possibility of considering cooperation with the bank in this area. In addition, cooperation with the bank in the areas of direct financing of private sector projects, implementation of infrastructure projects, alternative energy, waste management, restoration of Absheron Lakes is possible.
Hudák stressed that the Bank provides not only financial support, but also conducts expertise, provides technical and consulting services.
The representative of the bank also spoke about the possibility of cooperation in the areas of alternative energy, clearing lakes, supporting the private sector, especially small and medium-sized businesses.
The EIB is the European Union’s nonprofit long-term lending institution established in 1958 under the Treaty of Rome. As a “policy-driven bank” whose shareholders are the member states of the EU, the EIB uses its financing operations to bring about European integration and social cohesion
In 2018, seven EU governments demanded improvements in the governance and structure of the institution as well as stricter cost controls. There were concerns that EIB had been slow to implement recommendations raised by its own audit committee, which aimed at improving the risk management and project selection. It is the world’s largest international public lending institution.