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Nigar Hasanova

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Prime Minister Ali Asadov held a meeting with the delegation of the International Finance Corporation, which was led by Alfonso García Mora, the regional vice president for Europe, Latin America, and the Caribbean countries, Azernews reports.

It was stated that Azerbaijan values collaboration with the World Bank and its affiliated institutions. In this regard, long-term cooperation with the International Finance Corporation and the importance of an effective partnership were emphasised. It was noted that during the last period, the International Finance Corporation implemented projects in various fields in Azerbaijan to support the holding. Currently considered a priority for the government of Azerbaijan, the World Bank, including the International Finance Corporation, discussed issues related to the implementation of potential projects.

It was brought to attention that these projects stemmed from the Great Return to the liberated territories, increasing employment, the creation of "green" cities, the Southern Gas Corridor project, and the construction of wind energy infrastructure.

During the meeting, information about macroeconomic and financial stability in Azerbaijan and the work done in that direction was given.

It was emphasised that during the past years, Azerbaijan, higher than a low-income country, has become a profitable donor country. It was underscored that in 2021, the country participated as a donor to the World Bank.

It was noted that for the improvement of the business environment in the country, prevention of unfair competition, and purposeful entrepreneurial activity, measures are taken for stimulation. At the same time, the main development of the non-oil economy was underlined and pointed out as one of the priorities. It was reported that agrarians apply different types of discount and credit mechanisms in the sector. The private sector, through public-private partnership mechanisms consistent in the direction of increasing its role in economic development, was brought to attention when the measures were implemented.

Azerbaijan's global response to climate change systematically supports the fight and energy efficiency. It has been brought to attention that it has consistently acted in the direction of free large-scale restoration works carried out in the affected areas, including "green energy" zone, environmentally friendly transport, and projects related to the creation of "smart" cities and villages.

In this regard, the UN Framework on Climate Change 29th session of the Conference of the Parties to the Convention (COP29) and the importance of holding it in Azerbaijan were emphasised. It was reported that investments in renewable energy sources, involvement, and provision of a transition to "clean energy" in Azerbaijan are among the main priorities of the energy policy, and good opportunities for effective partnership in other directions are also available.

Potential cooperation initiatives between the World Bank and the International Finance Corporation were reviewed at the meeting, encompassing various areas of mutual interest.

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