Baku: The role of the European Bank for Reconstruction and Development (EBRD) is not only about providing financial or technical assistance, said Alkis Drakinos, Director of the EBRD for the Caucasus region, during his speech at the ‘StrategEast: Eurasian Forum on State and IT’ held in Baku, APA-Economics reports.

According to Azeri-Press News Agency, Drakinos highlighted the bank’s ‘Star Venture’ program, which has been promoting innovation since 2019. This initiative aims to support new and rapidly developing startups and was initially launched as a pilot in three countries. Currently, it operates in 26 markets, supporting more than 350 companies and 36 accelerators. In Azerbaijan, over 10 local startups have benefited from this program since 2022, operating in fields such as information technologies, services, and innovative solutions. Additionally, the EBRD supports more than 200 projects in the ICT sector in Azerbaijan, contributing to the strengthening of the country’s innovative economy.

Drakinos also discussed the StrategEast IT Hub program, established in Baku in 2022. This program is a joint initiative of the European Bank for Reconstruction and Development, the Ministry of Digital Development and Transport, and the StrategEast organization. As part of this program, 85 young people from regions like Ganja, Lankaran, Shirvan, and Nakhchivan have been trained in modern IT skills, with many receiving international software certifications.

Furthermore, the bank is developing digital approaches to address water security issues in cooperation with the Azerbaijan State Water Resources Agency.