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.
