BAKU, Azerbaijan, October 6. Banks can play an important role in connecting strategic priorities related to the development of the Middle Corridor, said Farid Guliyev, Deputy Chairman of the Management Board and Chief Commercial Officer of Azer-Turk Bank, Trend's correspondent reports.
Guliyev made the remarks at the Azerbaijan-Germany Strategic Partnership and Connectivity Conference held in Baku on Tuesday.
According to him, banks can contribute to the development of the Middle Corridor with private and international capital, as well as in financing infrastructure and energy projects. He said the key importance of today's conference lies in bringing government representatives, business leaders, project owners, and financial institutions together on a single platform.
"Such meetings are important not only for exchanging views, but also for identifying real opportunities for cooperation," Guliyev said.
According to him, the strategic importance of the Middle Corridor is growing.
"In the first eight months of this year, container traffic along the Middle Corridor increased by 58%. A few weeks ago, the European Union announced plans to mobilize up to 12 billion euros in public and private investment in the Middle Corridor to triple trade flows by 2030," Guliyev noted.
He emphasized that the banking sector also has an important role to play in developing the Middle Corridor.
"The Azerbaijan 2030: National Priorities for Socio-Economic Development document clearly states the need to ensure the attraction of direct foreign investment from strategic investors into the country's economy, including infrastructure," the Chief Commercial Officer said.
According to Guliyev, banks can connect strategic priorities with private and international capital and support the structuring of project financing and proper risk assessment.
"The strategic importance of a project does not automatically mean that it is bankable. This requires a clear business model, a realistic implementation plan, and proper risk allocation. When these conditions are met, projects become more attractive to both banks and investors," he said.
Guliyev noted that implementing large-scale infrastructure and energy projects requires broad cooperation.
"A good example is the 315-megawatt Neftchala Solar Power Plant. Last month, the project reached financial close with financing from three international financial institutions - the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank," he emphasized.
According to him, commercial banks, international financial institutions, development banks, investors, technology companies, and project owners each have an important role in this process.
Guliyev said Azer-Turk Bank considers sustainable development and green projects to be among the key drivers of future economic growth.
He noted that Azerbaijan Green Energy Company, which will participate in a panel discussion as part of the conference, is one of the companies operating in this area in Azerbaijan.
"The company's project portfolio includes a 50-megawatt solar power plant in Jabrayil, a wind project with capacity of up to 240 megawatts in Kalbajar, a solar energy project in Nakhchivan, and preliminary work on offshore wind energy in the Caspian Sea. Last month, Azerbaijan Green Energy Company signed an agreement with Masdar on an additional 350-megawatt solar power project in Garadagh, a battery energy storage system, and studies into round-the-clock renewable energy capabilities," Guliyev said.
The Chief Commercial Officer also highlighted Azerbaijan's specific national targets in renewable energy.
"By 2030, the share of renewable energy sources in electricity generation capacity is expected to reach 30 percent, while greenhouse gas emissions are to be reduced by 35%," he said.
Guliyev said the Neftchala Solar Power Plant alone is expected to generate enough clean electricity annually to supply approximately 140,000 households and prevent around 280,000 tons of carbon emissions each year.
He emphasized that renewable energy and modern energy infrastructure are important not only from an environmental perspective, but also for energy security, economic diversification, and long-term competitiveness.
According to Guliyev, trade turnover between Azerbaijan and Germany amounted to approximately 1.7 billion euros last year.
"Since the beginning of this year, Azerbaijani gas has been transported to Germany under a 10-year agreement providing for annual supplies of 1.5 billion cubic meters of gas," he said.
