ADB invests $1.7 billion in Azerbaijan’s energy sector over 25 years

Senior Director for Asian Development Bank’s (ADB) Energy Sector Office Priyantha Wijayatunga has said that ADB invested $1.7 billion in Azerbaijan's energy sector over 25 years of cooperation with the country.

Wijayatunga discussed with Azerbaijani officials the country's strategic priorities for energy transition, including green corridors, renewable energy infrastructure and decarbonization, Caliber.Az reports, citing local media.

She also noted the successful completion of a number of joint projects, such as the construction of a solar power plant by Masdar and a pilot project to build a floating solar plant on Lake Boyukshor.

He emphasised that ADB supports Azerbaijan's plan to increase the share of renewable energy to 30% by 2030 and is actively preparing for COP29 to be held in Baku.

The Asian Development Bank (ADB) is one of Azerbaijan’s key sources of official development assistance. ADB operations implemented under the country partnership strategy, 2019–2023, helped boost private sector development, raise public sector efficiency, improve infrastructure, and strengthen human capital. The strategy was closely aligned with the government’s strategic road maps for the national economy and main economic sectors. A new country partnership strategy for 2024–2028 is expected to be implemented by 2025.

As of 31 December 2023, ADB has committed 68 public sector loans, grants, guarantees, and technical assistance totalling $4.2 billion to Azerbaijan.