BAKU, Azerbaijan, September 24. Azerbaijan and
the Asian Infrastructure Investment Bank (AIIB) discussed expanding
their cooperation over transition to green economy during the
meeting between Azerbaijan's Minister of Economy Mikayil Jabbarov
and President of AIIB Zou Jiayi on the sidelines of the 11th Annual
Meeting of AIIB in Doha today.
This was reflected in the post of Azerbaijan's Minister of
Economy Mikayil Jabbarov on his X account.
“We emphasized the importance Azerbaijan attaches to its
partnership with AIIB, of which our country is a founding member.
The exchange covered the Bank’s role in supporting infrastructure
development, sustainable growth, the green transition, and
renewable energy across its member countries.
We also explored opportunities to expand cooperation on projects
aimed at supporting economic growth, developing sustainable
infrastructure, and strengthening connectivity across Asia,” the
post noted.
Earlier, Conor Barry, senior economist at AIIB, said in an
exclusive interview with Trend that these areas are key pillars of the bank's
cooperation with Azerbaijan.
He stated that the creation of a "green" electricity market
between Azerbaijan and neighboring countries is one of the key
initiatives in which the AIIB is interested in participating.
"As the AIIB, we do not come to Azerbaijan with pre-determined
priorities. We operate within the framework of our partnership with
the Azerbaijani government, basing our activities on the country's
development goals. We strive to align these goals with areas we
consider crucial for infrastructure, including cross-border
connectivity, 'green' infrastructure, and digital solutions," said
Barry.
The AIIB's chief economist noted that the Bank has participated
in Azerbaijan's renewable energy sector, including large-scale
solar energy projects.
"We believe that this sector will continue to open up
opportunities for private investment. Our goal is to attract larger
volumes of private capital, acting as a multiplier to channel
additional domestic and international private investment into
renewable energy and electric mobility," he emphasized.
Barry added that the share of climate finance in the AIIB's
total investment volume has already exceeded 50%.
"We are currently aiming to reach 70%. For us, the next stage
involves not only quantitative growth but also ensuring qualitative
impact and enhancing climate resilience," he explained.
He noted that developing a multi-year investment program with
Azerbaijan would enable the parties to more clearly define priority
areas for cooperation.
"Agreeing on such a program is not viewed as a definitive list
of projects the bank might finance in a specific country. Rather,
it serves as a signal regarding the level of cooperation the bank
and the country intend to develop in the coming years," Barry
added.
