Finance

Home page

Finance

EBRD approves new strategy on Azerbaijan

09 December 2010 10:50 (UTC +04:00)

Baku. Ali Ahmedov â€“ APA-Economics. Azerbaijan has achieved economic development during past 3 years and at the same time, there are several serious problems of transition period in teh development of several sectors, European Bank for Reconstruction and Developmentâ€™s new strategy on Azerbaijan reports. Achievements in political and social areas are being analyzed in this report and explain the priorities of EBRD in Azerbaijan.

Bankâ€™s Baku office says the priority spheres will cover the increase of investments in non-oil sector of the country, including development of financial sector and support the small enterprises.

Other important priority will be consisted of negotiations with authorized organizations on making policy for improvement of investment conditions and implementation of reforms. Bankâ€™s report says that, Azerbaijanâ€™s economy has increased by annual approximately 14.8% since 2007. According to accounts, 47% of GDP was oil-gas sector. At the same time, construction and services areas of non-oil sector increased by 13.1% and 11.8%.

According to experts, GDP growth in Azerbaijan will continue to depend on oil-gas sector. GDP is expected to rise 4% in 2010.

F. Delay says that, the strategy has already been submitted to public discussion since July, 2010.