EIB pledges support for Azerbaijan's "green" economy, digitalization, and SMEs expansion

The European Investment Bank (EIB) has affirmed its readiness to aid Azerbaijan in its transition to a green economy as part of the European Union's Economic and Investment Plan.

The EIB said in a statement to local media that it is prepared to assist Azerbaijan in its pursuit of sustainable development, focusing on key areas such as clean energy, sustainable transport, digitalization, and expanding financing access for small and medium-sized enterprises, per Caliber.Az.

"In accordance with the EU Economic and Investment Plan for Azerbaijan, EIB is ready to support the country's transition to a 'green' economy," said the bank. "Our priorities include investments in clean energy, sustainable transport, digitalization, and expanding access to financing for small and medium-sized enterprises. As an institution that operates based on demand, we are ready to explore opportunities to support projects that align with EU policy and our standards."

The EIB also highlighted the role of EIB Global, a specialized division that regularly engages in consultations with Azerbaijani partners to identify potential areas for collaboration.

The EIB explained, "The European Investment Bank is the financial institution of the EU, owned by the member states of the union. The bank provides long-term loans to finance investment projects aimed at achieving key EU goals, including the development of infrastructure, innovation, environmental protection, and the support of small and medium-sized businesses."

EIB Global, which oversees international operations and sustainable development financing, focuses on three priority EU initiatives: the European Green Deal, the "Global Gateway" external economic strategy, and the promotion of employment and inclusive growth.

In Azerbaijan, the EIB noted that key areas of cooperation remain focused on energy diversification, modernizing transport infrastructure, and supporting the shift to more sustainable economic models.

By Tamilla Hasanova