EBRD determined to act as catalyst for reforms in Azerbaijan

The European Bank for Reconstruction and Development (EBRD) intends to strengthen its cooperation with Azerbaijan in order to support economic diversification and the development of the private sector, Alkis Vryenios Drakinos, the EBRD Regional Director for the Caucasus, said during the first Azerbaijan International Investment Forum (AIIF 2025).

He noted that the EBRD has been investing in Azerbaijan since the 1990s, contributing to the development of the private sector and cooperating with government institutions.

"We have been doing this for more than 30 years and have achieved significant volumes of investment. Now, in a changing environment, we want to join forces with the Azerbaijani authorities and support the country in diversifying its economy. The EBRD always strives to remain a demand-driven institution, ready to provide financing, advice, and technical expertise wherever necessary," Drakinos said.

He stressed that industrialization and diversification are key elements of Azerbaijan"s future development.

"Special attention should be paid to access to finance. It is important to understand where funds are directed - to companies or the public sector. For Azerbaijan"s future, it is essential that the economy remains competitive. We see prospects in workforce retraining, investment in technology, the use of human capital, and the development of the digital economy, including artificial intelligence," he added.

According to Drakinos, digitalization plays a special role, including for the transport sector and the implementation of the Middle Corridor, as well as for improving access to finance.

"These large-scale tasks cannot be solved alone. Synergy between the state, business, and international financial institutions is necessary, as they can act as catalysts for reform. We have very good relations with the government of Azerbaijan, and we look forward to continuing cooperation to support the economy," the EBRD Regional Director emphasized.