TODAY.AZ / Business

IFC interested in co-op with Azerbaijan

24 January 2020 [13:15] - TODAY.AZ

By Trend

Azerbaijan’s Energy Ministry has discussed cooperation with the International Finance Corporation (IFC), Trend reports referring to the ministry.

A meeting was held between Energy Minister Parviz Shahbazov and an IFC delegation headed by IFC Senior Regional Manager for the South Caucasus and Russia Jan van Bilsen.

“Jan van Bilsen spoke about issues such as attracting investment in the private sector, increasing the role of this sector in the economy,” the report said. “Possessing experience in the development and private sector reforms in the energy sector in many countries, the IFC expressed interest in cooperating with Azerbaijan in this direction.”

While informing about reforms in the energy sector and the preparation of a new legislative framework for this purpose, Shahbazov noted that six regulatory documents should be prepared with the support of consultants to apply these laws.

It was also noted that cooperation on the preparation of a new draft law on energy is also possible.

“The energy minister emphasized that expanding the use of renewable energy sources is one of the priorities of the government and that bidding is planned after test projects, adding that the European Bank for Reconstruction and Development (EBRD) is cooperating with the ministry for this purpose,” the report says.

The meeting participants discussed the possibilities of switching to a liberal market model in the electric power industry, creating new production capacities with the attraction of private investments and long-term cooperation on wind energy in the sea.


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