The European Bank for Reconstruction and Development (EBRD) will consider an opportunity of investing in a free trade zone that is being established on the territory of the Baku International Sea Trade Port, Suma Chakrabarti, EBRD's president, said at a press-conference in Baku May 25.

"For the first time, I have recently heard about this issue at the meeting with Azerbaijani President Ilham Aliyev and Minister of Economy Shahin Mustafayev," he said. "I promised the president and the minister to thoroughly consider it."

"I would like to stress that the EBRD has been involved in the free trade zones in other countries," he said. "However, we must first consider the economic aspect."

Chakrabarti said that the EBRD would also prefer this project to include the issue of improvement of the Alat settlement, where the port is situated.

"I would like the development and improvement of the Alat settlement to be also associated with this program," he said. "We will consider the obtained proposal, but it will take several months as we must understand whether the project befits us or not."

The EBRD has so far allocated the loans totaling $2.9 billion to Azerbaijan for implementation of 164 projects, including 154 private sector projects.

Source: Trend