President of the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan, Mammad Musayev has met with the delegation led by Vice President of the European Investment Bank Vazil Hudak. During the meeting, the sides discussed projects that will have impactson the development of the private sector.

Vice President of the European Investment Bank Vazil Hudak said that he had important meetings within his visit to Azerbaijan. Speaking about the importance of the meeting with the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, the guest expressed his hope that the visit to Azerbaijan would create new opportunities for cooperation between the European Investment Bank and the private sector of Azerbaijan.

Vazil Hudak said that the European Investment Bank is ready to support new innovative projects. He said that micro credits, financial assistance to small and medium-sized businesses, are ready to support large investment projects. They noted that the projects applied to them were accepted after evaluation by the experts. V. Hudak added that companies wishing to benefit from the terms of the contract should operate for at least 12 years and should meet 50% of the value of the proposed project (not less than $ 15 million).

“The European Investment Bank may meet the rest of the budget after evaluating the project. Exceptionally, we are ready to support 75% of renewable energy projects. However, these companies must have a proper balance sheet. We are also ready to cooperate with local partners,”he said.

Mammad Musayev said he was glad to meet with the European Confederation of Entrepreneurs. Speaking about the state care for the development of the private sector in our country, M. Musayev noted that GDP growth has increased in the private sector and the number of companies engaged in entrepreneurial activity has increased day by day. M. Musayev said that the Azerbaijan Confederation of Entrepreneurs is ready to cooperate with the European Investment Bank.

Later, the sides exchanged views on further cooperation.