ECONOMY


Azerbaijan, International Finance Corporation mull energy cooperation

Baku, January 24, AZERTAC

Azerbaijan’s Energy Minister Parviz Shahbazov has met with a delegation led by International Finance Corporation (IFC) Regional Manager for the South Caucasus and Russia Jan Van Bilsen.

Jan van Bilsen highlighted issues such as the attraction of investments to the private sector, increasing the role of this sector in the economy. He expressed IFC’s interest in cooperation with Azerbaijan in developing the private sector and expanding reforms.

Shahbazov said that the extension of the use of renewable energy sources was among the priorities of the government. The minister emphasized that following the pilot projects it is also planned to hold auctions, adding that the government is cooperating with the European Bank for Reconstruction and Development (EBRD) in this regard.

They also discussed the transition to a liberal market model in power industry, the creation of new production capacities by attracting private investments, and prospects for cooperation opportunities on offshore wind energy.

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