On December 7, Azerbaijan inaugurated a high-level working group together with the EU on the latter’s Economic Investment Plan, the press service of the EU delegation to Azerbaijan informed. According to the statement, the group “will steer and identify priority investments to be delivered with the support of the EU together with the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) as well as the EU Member States’ development finance institutions in the spirit of Team Europe.”
The working group aims at helping boost Azerbaijan’s Economic and Investment Plan, with the mobilization of nearly 2 billion euros worth of investments in the country. “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,” the statement read.
The Economic and Investment Plan is one of the two pillars of the EU’s Eastern Partnership policy, the other being a governance pillar in order to strengthen democratic institutions.
“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 EUR 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!”
Lawrence Meredith, the EU’s Director for Neighborhood East and Institution Building
The European Commission launched the Economic and Investment Plan for the Eastern Partnership countries in 2021. It is projected that the plan will help mobilize 2.3 billion euros from the EU budget in grants, blending and guarantees, with “a potential to leverage up to €17.3 billion in public and private investments across the region”.
