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BAKU, AZERBAIJAN, May 15. The European Investment Bank (EIB) is participating in the preparations for COP29 and contributing to its success, EIB Vice President Teresa Czerwińska said in an exclusive interview. trend.
“As the EU’s climate bank, the EIB is one of the largest providers of climate finance, supporting climate change mitigation projects such as green energy and green transport, as well as climate change adaptation projects. Together with the Multilateral Development Bank Group, we are participating in the preparations for COP29 and contributing to the success of the climate summit in November 2024. In April this year, EIB President Nadia Calviño and COP29 President-designate, Minister Mukhtar Babayev, discussed these aspects in Washington, DC,” she said.
Czerwinska noted that the EIB is committed to promoting flagship initiatives of its economic investment programme, such as improving access to finance for micro, small and medium-sized enterprises (MSMEs), with a special focus on young entrepreneurs, women in business and rural development.
“Our MSME outreach program in the South Caucasus will help create or maintain approximately 26,500 jobs in the region, promoting private sector-driven growth and social inclusion. As part of this program, we recently signed a €10 million loan agreement with the Bank of the Republic to provide financing to MSMEs on favorable loan terms, including long-term funding,” she added.
The Vice-President noted that in addition to financing, the EIB Global provides advisory support and technical assistance for project preparation and implementation.
“We are currently providing consultancy support for safety improvements of level crossings along the Baku-Bojukkesik railway corridor, a key TEN-T link in the Central Corridor. This support is helping Azerbaijan Railways to analyse and prioritise interventions and to scope related design studies. The EIB is providing this support under the Eastern Partnership Connectivity Investment Facility (EPIC). EPIC, funded by the EU and managed by our consultancy programme JASPERS, provides free consultancy support and technical assistance to Eastern Partnership countries to improve transport connectivity,” said Czerwińska.
Azerbaijan will host the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in November this year. The decision was made at the plenary session of COP28 held in Dubai on December 11 last year. In two weeks, Baku, which has become the world center, will receive about 70,000 to 80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference with the climate system. COP (Conference of Parties) is the abbreviation of the Conference of the Parties and is the highest legislative body that oversees the implementation of the Framework Convention on Climate Change.
There are 198 countries that are parties to the Convention. Unless otherwise decided by the Parties, the Conference of the Parties is held annually. The first Conference of the Parties was held in Berlin, Germany in March 1995, and its secretariat is located in Bonn.
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