The European Union will allocate up to 2 billion euros to Azerbaijan to further diversify the economy, create jobs and promote inclusive development of rural areas, Turan reported referring to the EU mission in Baku.
The High-Level Working Group on the EU Economic Investment Plan started operating today. The new coordinating body, together with the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and EU member state financial institutions, will identify and guide priority investments in the spirit of Team Europe.
This will help to maximize the potential of Azerbaijan's economic and investment plan to attract up to 2 billion euro investments in the country, it was reported.
The working group will regularly meet with the European Commission, the government of Azerbaijan and the European Financial Institutions to identify and jointly implement priority investment projects and explore opportunities for investment in renewable energy, communication, small and medium-sized businesses and the transition to green and digital technologies.
Lawrence Meredith, director of the European Commission's Eastern Neighborhood and Institution Building Unit, said the launch of the High Level Working Group on Economic and Investment Plan is another clear indicator of the EU's close partnership with Azerbaijan:
The Economic and Investment Plan is already bringing tangible benefits to the people of Azerbaijan. So far Azerbaijan has received up to 90 million euros to improve street lighting in Ganja and help finance small businesses. With the launch of the Working Group, we will be able to ensure that Azerbaijan and its people benefit greatly from the investment potential of the Economic and Investment Plan, it said.