EU to allocate €2 billion to Azerbaijan
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ECONOMICS  08 December 2022 - 12:55

The European Union is allocating €2 billion to Azerbaijan as part of the economic investment plan as disclosed by the EU Delegation in Baku to APA.

According to Azernews, citing the Foreign Ministry of Azerbaijan, Minister Jeyhun Bayramov received a delegation led by Lawrence Meredith, Director of the Eastern Neighborhood and EU Institutional Building Department at the European Commission on December 7.

"The launch of the high-level working group on the Economic and Investment Plan is another clear sign of our close partnership with Azerbaijan. The Economic and Investment Plan is already delivering tangible benefits for the people of Azerbaijan with almost €90 million being committed and a significant pipeline of investment projects being built. This includes investments towards upgrading street lighting in Ganja and supporting access to finance for small businesses across the country. With the launch of our joint working group, we can ensure that Azerbaijan and its people will benefit even more from the investment potential provided by the Economic Investment Plan", said Director of the Department of Eastern Neighborhood of the European Commission's Directorate Lawrence Meredith, as cited by Trend.

Such priority investments will contribute to the government’s efforts to diversify the Azerbaijani economy further, create decent jobs across the country and promote inclusive rural development.

At the meeting, an exchange of views was held on the agenda of cooperation between Azerbaijan and the EU in various fields, in particular in the fields of economy, energy, investment, transport, etc., as well as on the regional situation.

Speaking on one of the key areas of cooperation with the EU, namely energy security, Minister Bayramov emphasized the significance of the signed Memorandum of Understanding between Azerbaijan and the EU on July 18, 2022, in order to collaborate on the development of alternative energy sources. It was noted that Azerbaijan places a high value on encouraging investments, particularly in the know-how sector.

The EU's interest in investing in reconstruction and construction work carried out in the territories of Azerbaijan liberated from occupation was noted with satisfaction.

Lawrence Meredith said that the signed memorandum from July 2022 is important as a result of the work done between Azerbaijan and the EU. It was noted that the initiative and activity in the implementation of the Middle Corridor project made Azerbaijan one of the important partners in the field of transport and transit.

Meredith also stressed that the priority for the EU is investing in economic development, small and medium businesses, alternative energy, transport, and digital development. The position of Azerbaijan on supporting innovation in these areas was especially noted. he also noted the importance of cooperation and solidarity to eliminate the mine threat.

The Economic and Investment Plan is the investment pillar of the European Union’s Eastern Partnership policy. The Economic and Investment Plan supports the EU’s Global Gateway strategy in building sustainable and trusted digital, energy, and transport connections around the world.

In #Baku today to launch the high-level 🇪🇺🇦🇿 working group on the Economic & Investment Plan#EU investment is already delivering tangible benefits for the people of #Azerbaijan — upgrading street lighting in Ganja💡 and supporting access to finance for small businesses💶

1/2 pic.twitter.com/4eaQvTujhG

— Lawrence Meredith 🇪🇺 (@LMeredithEU) December 7, 2022

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