EIB Global, the global arm of the European Investment Bank (EIB), and the Azerbaijani Ministry of Digital Development and Transport have signed a Memorandum of Understanding (MoU). Under the MoU, the expansion and modernisation of Baku's metro network will be prepared and evaluated. The modernisation of the metro network, which has existed since 1967, is intended to increase the number of passengers and reduce car traffic in the city, which has a population of almost 2.4 million. The EIB will support the Ministry in the preparation and development of the investment project. The MoU is in line with the European Union's (EU) Global Gateway Initiative, which addresses a global investment gap in sustainable infrastructure by promoting high-quality and transparent projects. It also supports one of the flagship initiatives for Azerbaijan under the EU's Economic and Investment Plan, which focuses on sustainable infrastructure and solutions for smarter, greener cities.
