Azerbaijan strengthens ties with AIIB to boost energy security, green initiatives PHOTO

Azerbaijani Economy Minister Mikayil Jabbarov and Chief Investment Officer of the Asian Infrastructure Investment Bank (AIIB) Konstantin Limitovskiy have discussed mutual cooperation issues during the meeting. 

The meeting emphasised the active collaboration between Azerbaijan and the AIIB, the Azerbaijani Economy Ministry told Caliber.Az.

According to the message, the AIIB supports enhancing energy security in the region and contributes to the development of "green" energy in Azerbaijan.

The AIIB’s extensive experience in developing investment programmes with member states was highlighted, as well as its role in supporting infrastructure development across various sectors, including energy, transportation, urban development, logistics, telecommunications, environment.

The sides also exchanged views on identifying new directions for future collaboration.

Within the framework of the COP29 climate conference hosted by Azerbaijan in November 2024, the (AIIB) previously signed a $160 million financing agreement for its first private-sector renewable energy initiative in Azerbaijan. In collaboration with Abu Dhabi Future Energy Company PJSC (Masdar), the investment will support the development, construction, operation, and maintenance of two solar photovoltaic (PV) power plants: the 315 MWAC Banka Solar PV Power Plant and the 445 MWAC Bilasuvar Solar PV Power Plant. SOCAR Green will partner with Masdar locally with the European Bank for Reconstruction and Development also contributing as co-financiers for the project.

By Naila Huseynova