BAKU, Azerbaijan, December 12. Last year, we
invested over 6.5 billion euros in climate, mobilizing around 25
billion euros from the private sector, said Alkis Vryenios
Drakinos, Regional Head of the Caucasus for the European Bank for
Reconstruction and Development (EBRD), in an interview with
Trend.
“We have been successful so far in mobilizing a lot of
investment from the private sector,” Drakinos stated. “For every
euro we have invested, we have mobilized more than three”.
Drakinos attributed this success to careful project selection
and maintaining strong relationships with the countries where the
EBRD operates. “Every project that we finance is in countries that
are interested, as these countries are our shareholders. As a
result, the risk surrounding our projects is low. The projects we
finance are supported, which helps reassure private-sector
financial investors. They can then focus on the merits of the
project itself”.
He emphasized the importance of working with high-quality
project sponsors. “The people we are financing have proven track
records in delivering projects. They are known for meeting
timelines and staying within budgets. There are no cost overruns,
unless there are unexpected surprises, but these are rare,”
Drakinos explained.
The EBRD’s model of securing financing from both the bank and
its partners, along with ensuring tariffs and other financial
elements align with market conditions, has been a cornerstone of
its success. “The bankability of the projects is also guaranteed
because of the tariffs and other factors. We work in countries that
can afford to purchase at the prices we have secured. It’s a proven
model, and we will continue to use it in the future,” Alkis
Vryenios Drakinos concluded.