The European Union will allocate up to EUR 2 billion to Azerbaijan to contribute to the state's efforts to diversify the economy further, create jobs within the country, and promote inclusive rural development, the EU Baku office reported.
"As a result of the cooperation between the European Union and Azerbaijan, the high-level working group on the EU Economic Investment Plan has started to operate. The new coordinating body is the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the financial development of EU member states. Together with its institutions and with the support of the EU, it will direct and determine the priority investments in the spirit of 'Team Europe.' This will help maximize the potential of Azerbaijan's economic and investment plan to attract up to 2 billion euros of investment to the country," the report added. The information stated that the working group would regularly bring together high-level representatives of the European Commission, the government of Azerbaijan, and European international financial institutions to identify and jointly implement priority investment projects. It will explore investments in renewable energy, connectivity, SMEs, and the transition to green and digital technologies.
Lawrence Meredith, the Director of Eastern Neighborhood and Institutional Building at the European Commission, said that the launch of the high-level working group on the Economic and Investment Plan is another clear indicator of the close partnership with Azerbaijan. "The Economic and Investment Plan is already bringing tangible benefits to the people of Azerbaijan. Thus, up to EUR 90 million have already been allocated to Azerbaijan. This includes investments in improving street lighting in Ganja and supporting access to finance for small businesses across the country. With the start of our joint working group, we can ensure that Azerbaijan and its people benefit more from the investment potential envisaged in the Economic Investment Plan," he said.
