EIB Seeks to Expand Investments in Azerbaijan, Focuses on Energy and Connectivity

The European Investment Bank (EIB) is looking to expand its investments in Azerbaijan, according to Stella Renita, Head of the EIB Group Regional Representation for the South Caucasus. In an interview with APA-Economics, Renita identified several areas with investment potential, including energy and connectivity.

Renita noted that while the EIB's portfolio in Azerbaijan is currently relatively small compared to other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB), there are opportunities to increase investments through partnerships with local banks. The EIB has already provided financing through local banks, supporting over 120 enterprises across Azerbaijan.

Renita emphasized that the EIB is keen to explore specific projects where its financing and expertise could benefit Azerbaijan and support its priorities. She also highlighted the importance of infrastructure development in driving the non-oil economy and praised the country's efforts to develop the mining sector, particularly with regards to critical raw materials.

Regarding the Middle Corridor, Renita stated that it is a vital transport corridor that will require substantial investment for its development. The EIB is interested in contributing to the corridor through financing elements of it, including projects in Azerbaijan.