In the fight for the rights to host the annual meeting of the European Bank for Reconstruction and Development, Azerbaijan has fallen behind Georgia.
The EBRD reported that its 24th annual meeting of the board of governors and business forum will be held on May 14-15, 2015, in Tbilisi.
The development was reached during a meeting between Prime Minister of Georgia Irakli Garibashvili and EBRD President Sir Suma Chakrabarti. The meeting was held in Davos at the World Economic Forum.
The EBRD will increase its investments in Georgia, according to Chakrabarti, adding that the hydropower sector is likely to be an area in which the country will see a growth in investment.
This year, the EBRD will be holding its annual meeting in Warsaw on May 14-15.
Chakrabarti visited Azerbaijan for the first time in 2013. The EBRD president then suggested Baku as the location for the 2017 meeting.
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