EU and Azerbaijan step up cooperation to boost investment and create jobs

On 7 December, the European Union and Azerbaijan jointly inaugurated a high-level working group on the EU’s Economic Investment Plan. 

The new coordination body will steer and identify priority investments to be delivered with the support of the European Union, the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and the EU Member States’ development finance institutions.

According to a press release by the EU Delegation to Azerbaijan, this will help to maximise the potential of Azerbaijan’s Economic and Investment Plan, which aims to attract up to €2 billion of investment into the country using innovative financial instruments such as blending and guarantees. 

“Such priority investments will contribute to the government’s efforts to further diversify Azerbaijan’s economy, create decent jobs across the country and promote inclusive rural development,” the press release said.

“The Economic and Investment Plan is already delivering tangible benefits for the people of Azerbaijan with almost €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,” said the European Commission’s Director for Neighbourhood East and Institution Building, Lawrence Meredith.

The group will regularly bring together senior representatives of the European Commission, the government of Azerbaijan and European international financial institutions to identify potential investments in renewable energy, connectivity, SMEs, green and digital transitions.

Find out more

Press release