Rise to an energy exporting power
Azerbaijan owes its economic upswing to its large reserves of oil and gas. Between 2002 and 2008, no other national economy grew faster than Azerbaijan's. Today, the country at the Caspian Sea is one of Germany's ten most important suppliers of crude oil. However, the economy in Azerbaijan is heavily dependent on the oil and gas industry. As a result, one of KfW Development Bank's missions is to strengthen the financial sector, thereby stimulating the development of other industries, especially smaller companies. KfW also supports the municipal authorities in the modernization of the drinking water and sewage systems. Financial Cooperation with Azerbaijan also focuses on improving energy efficiency and the promotion of renewable energy sources.