Chairman: Eurasian Development Bank ready to finance key projects in Azerbaijan

On March 12, Azerbaijani Finance Minister Sahil Babayev hosted a delegation led by Nikolay Podguzov, Chairman of the Board of the Eurasian Development Bank (EDB).

During the meeting, Podguzov provided an in-depth overview of the bank's operations, its member countries, and the various projects it has financed in those nations, Caliber.Az reports via local media.

Podguzov highlighted the strong potential for collaboration between the EDB and Azerbaijan, emphasizing the bank’s readiness to finance projects across a wide range of sectors. He noted that the EDB’s extensive experience in supporting development initiatives would benefit Azerbaijan as the country continues its growth and modernization efforts.

Minister Babayev expressed Azerbaijan’s eagerness to deepen its ties with international financial institutions, particularly in sectors crucial to the country's development. Both sides discussed the bank’s project financing procedures, as well as other areas of mutual interest, laying the foundation for future cooperation.

Azerbaijan's cooperation with the Eurasian Development Bank has been marked by significant milestones over the years. In 2006, Azerbaijan became a founding member of the EDB, joining other countries in the Eurasian region to foster economic integration and development. This initial partnership laid the foundation for further financial collaboration.

By 2009, the EDB approved its first loan agreement with Azerbaijan, which marked the beginning of active financial cooperation, particularly in the fields of infrastructure and energy projects. Over the next few years, the cooperation grew stronger. In 2013, the EDB supported Azerbaijan in its energy projects, particularly those aimed at diversifying energy resources and improving infrastructure.

In 2015, both parties focused on strengthening their strategic partnership, with an emphasis on transportation, energy, and industrial sectors. The EDB continued to play a vital role in financing infrastructure projects such as roads and transportation systems in Azerbaijan, contributing significantly to the country’s modernization efforts.

The cooperation further developed in 2020 when the EDB pledged to support Azerbaijan’s green energy sector, including financing renewable energy projects as part of the country’s broader strategy to diversify its energy sources. Most recently, in 2024, the EDB has shown a renewed interest in financing renewable energy initiatives, particularly in solar power, while also supporting infrastructure development in transport and logistics.

By Tamilla Hasanova