OREANDA-NEWS. June 25, 2009. European Bank for Reconstruction & Development (EBRD) is ready to double financing of projects in Azerbaijan comparing to crediting for 2008.

Francis Delaey, head of the EBRD office in Baku, said in 2009 the Bank is ready to disburse \\$220 million for approximately 10 projects.

“The funds are designed for financial and real sectors of the economy.” Francis Delaey underlined.

Last year projects in Azerbaijan were financed only for EUR 81 million versus EUR 122 million in 2007. The records over the last few years, when it was allocated EUR 250 million up to EUR 500 million a year will hardly repeat.

The annual report for 2008 published by EBRD says in 2008, quantity of financed projects reduced from 353 (in 2007) to 302, and cost of investments in them by the Bank itself from EUR 5.58 bn to EUR 5.087 bn. The EBRD also failed to keep raising resources which decreased from EUR 8.617 bn to EUR 8.37 bn. As a result, overall cost of the financed projects dropped from EUR 13.8 bn to EUR 12.889 bn. As a result, the region of operations received less by EUR 920 million, including EUR 496 million from the Bank itself.