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EIB may finance energy projects in Azerbaijan

17 May 2011 12:37 (UTC +04:00)

Baku. Ahmad Yusifzada â€“ APA. The European Investment Bank (EIB) can support projects in Azerbaijan related to the diversification of energy sources, by focusing its financing on projects in energy supply and energy transport, as well as protection of the environment. A Senior Press Officer at the European Investment Bank DuÅ¡an OndrejiÄka told APA by telephone conversation.

â€œFor the time being we cannot indicate precisely when the signing of the Framework Agreement with Azerbaijan will take place. We are nevertheless hopeful that the negotiations on the agreement could be finalized shortly and that it could be signed later this yearâ€, OndrejiÄka said.

In the Central Asian countries, including Azerbaijan, the EIB can support projects related to the diversification of energy sources, by focusing its financing on projects in energy supply and energy transport, as well as protection of the environment. The loans come from the EUR 1 billion lending window for Asia provided under the mandate from the Council and European Parliament as well as from the Bankâ€™s Energy Sustainability & Security of Supply Facility of EUR 3 billion for investment grade projects in energy and the environment, OndrejiÄka noted.

As for the time being no EIB project loan has been signed one cannot state when a project supported by the EIB will be accomplished in Azerbaijan, OndrejiÄka added.

The European Investment Bank (EIB) is the European Union’s financing institution. Its shareholders are the 27 Member States of the Union, which have jointly subscribed its capital. The EIB’s Board of Governors is composed of the Finance Ministers of these States. The EIB’s role is to provide long-term finance in support of investment projects.