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Azerbaijan delivers a presentation at EBRD annual meeting

20 May 2009 10:30 (UTC +04:00)

Baku. Nicat Mustafayev â€“ APA-Economics. Azerbaijan participated in the Annual Meeting of the EBRD Board of Governors and Business Forum that took place in London at EBRD Headquarters on May 15- 16.

Shahin Mustafayev, Azerbaijanâ€™s Minister of Economic Development who is the countryâ€™s governor at the EBRD, attended the event with a delegation composed of Shahmar Movsumov, Executive Director of State Oil Fund of Azerbaijan, and senior officials from Azerdemiryolbank, AGBank, Bank of Baku and Bank Respublika.

Shahin Mustafyev spoke about economic reforms in Azerbaijan, saying the country’s GDP grew by 4.1% in the first quarter, personal incomes increased by 20% and non-oil sector went up by 14%.

He stressed that the Government managed to offset the negative effects of global crisis on the country’s economy through the rational use of foreign exchange reserves, strengthening state support for businesses, improving investment environment and taking other measures.

He also noted that the EBRD approved 84 million euros for 19 projects for Azerbaijan in 2008 and its total portfolio for Azerbaijan reached 1 billion euros for 109 projects.

The Minister expressed hope for cooperation with the EBRD in implementing projects within the scope of the countryâ€™s State Program of Socio-Economic Development of Regions in 2009-2013, as well as projects on agriculture, irrigation engineering, water, etc., and the bank’s cooperation with the National Fund for Entrepreneurship Support and Azerbaijan Investment Company.

A presentation on Azerbaijan was delivered on the sidelines of the meeting.

Shahin Mustafaev and Shahmar Movsumov talked about the pace of economic development, regional integration and business opportunities in the country.

Shahin Mustafayev also met with EBRD President Thomas Mirow, and representatives of the European Investments Bank.