Baku, December 19, AZERTAC

Prime Minister of the Republic of Azerbaijan Ali Asadov has met with the delegation of the International Finance Corporation led by its Vice President for Europe, Latin America and the Caribbean Alfonso García Mora.

During the meeting, Prime Minister Ali Asadov emphasized that Azerbaijan attaches great importance to cooperation with the World Bank and institutions within the World Bank Group. He highlighted the long-term and effective partnership with the IFC, emphasizing the corporation’s support in various projects across various domains in Azerbaijan.

The discussions focused on potential projects with the World Bank, including the IFC, in areas prioritized by the Azerbaijani government.

According to Asadov, the projects may align with the objectives of the Great Return program, focusing on the reconstruction of Azerbaijan's liberated territories. Additionally, these initiatives aim to address employment opportunities, the development of green cities, the Southern Gas Corridor project, activities at the Baku Shipyard, the construction of wind farms, and other relevant sectors.

The IFC delegation was informed about Azerbaijan's efforts to ensure macroeconomic and financial stability. The delegation was also briefed on Azerbaijan's noteworthy transformation from a lower-income country to becoming a donor of the World Bank.

The PM mentioned to the purposeful measures taken to improve the business climate and to stimulate the entrepreneurial activity in the country. Describing the development of the non-oil economy as one of the main priorities in Azerbaijan, Ali Asadov underscored that different types of deduction and credit mechanisms are applied in the agricultural sector.

Addressing the core IFC activities in Azerbaijan, which revolve around fostering a competitive economy, supporting agriculture, and promoting public-private sector partnership projects, PM Ali Asadov expressed Azerbaijan's commitment to continuing cooperation in these vital domains.

Additionally, Ali Asadov highlighted Azerbaijan's support for the global fight against climate change and its consistent efforts in energy efficiency. He provided insight into the large-scale rehabilitation work carried out in the liberated Azerbaijani territories.

The PM described the significance of holding the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change - COP29 - in 2024 in Azerbaijan as a foremost step in this regard.