Baku:The European Investment Bank (EIB) is considering expanding its investment activities in Azerbaijan, focusing particularly on the energy and connectivity sectors. Stella Renita, Head of the EIB Group Regional Representation for the South Caucasus, highlighted that renewable energy and energy efficiency are areas with significant investment potential. The bank is currently working to identify specific projects where its financing and expertise could benefit Azerbaijan.

According to Azeri-Press news agency, The focus of Azerbaijan on developing its non-oil sector presents additional opportunities for investment, particularly in infrastructure and the mining sector. The EIB is interested in supporting these areas, including providing access to finance for smaller businesses through partnerships with local banks. Renita noted the importance of collaboration with local banks, which has already benefited more than 120 enterprises in the country.

Despite having a smaller portfolio in Azerbaijan compared to other international financial institutions like the EBRD and ADB, the EIB sees potential for increasing its investments. The bank works closely with the European Commission to align its investments with EU policies and shared priorities in the region. The Azerbaijani government's openness to discussions with international financial institutions could further facilitate the EIB's expansion in the country.

The EIB is also active in the wider South Caucasus region, with significant investments in Armenia and Georgia. In Armenia, the bank's financing has reached around £1.25 billion, while in Georgia, it has signed around £2.36 billion in financing, focusing on road connectivity and private sector support. The development of the Middle Corridor, a key transport route, is another area where the EIB is interested in contributing, given its expertise in transport connectivity.