BAKU, April 30 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) approved on Tuesday a new five-year strategy which will guide its investments and policy in Azerbaijan, according to the state-run news agency AZERTAC.

The 2019-2024 strategy will see the EBRD continue assisting Azerbaijan in diversifying its economy through supporting the development of the non-oil sectors and strengthening governance of private and state-owned companies.

Another priority set out by the strategy includes the expansion of access to finance for local businesses by encouraging lending by banks and non-bank financial institutions as well as by helping develop local currency and capital markets.

The bank will also boost its support to Azerbaijan's green economy, including financing for renewable energy sources, increased energy efficiency and cleaner transport and sustainable infrastructure.

Head of the EBRD's office in Baku Ivana Duarte expressed the bank's readiness to help Azerbaijan develop its non-oil sector, strengthen local lenders and boost investment in green economy. "We see a huge potential in the renewables sector and aim to make a real impact in this area." She noted the importance of the Azerbaijani authorities' continued efforts to reform the energy market and improve the business climate "in unlocking our own funds and mobilizing financing from other sources."

The EBRD has invested almost 3.3 billion euros (about 3.7 billion U.S. dollars) in various sectors in Azerbaijan so far, including energy, infrastructure, banking, industry and commerce.