Prime minister met with the delegation of the International Finance Corporation

Prime Minister Ali Asadov held a meeting with the delegation of the International Finance Corporation, which was led by Alfonso García Mora, the regional vice president for Europe, Latin America, and the Caribbean countries, Azernews reports.

It was stated that Azerbaijan values collaboration with the World Bank and its affiliated institutions. In this regard, long-term cooperation with the International Finance Corporation the importance of effective partnership was emphasized. It was noted that during the last period, the International Finance Corporation implemented projects in various fields in Azerbaijan to support the holding. Currently considered a priority for the government of Azerbaijan the World Bank, including the International Finance Corporation issues related to the implementation of potential projects with was discussed.

It was brought to attention that these projects stemmed from the Great Return to the liberated territories, increasing employment, the creation of "green" cities, the Southern Gas Corridor project, and the construction of wind energy infrastructure.

During the meeting, information about macroeconomic and financial stability in Azerbaijan and the work done in that direction was given.

It was emphasized that during the past years, Azerbaijan, higher than a low-income country has become a profitable donor country. It was underscored that in 2021 the country has participated as a donor of the World Bank.

It was noted that the improvement of the business environment in the country, prevention of unfair competition, and entrepreneurial activity purposeful measures are taken for stimulation. At the same time, the main development of the non-oil economy was underlined, and pointed out that it is one of the priorities. It was reported that agrarians apply different types of discount and credit mechanisms in the sector. The private sector through public-private partnership mechanisms consistent in the direction of increasing its role in economic development was brought to attention that the measures were implemented.

Azerbaijan's global response to climate change systematically supports the fight and energy efficiency it has been brought to attention that it has consistently acted in the direction of Free large-scale restoration works carried out in the affected areas, including "green energy" zone, environmentally friendly transport, projects related to the creation of "smart" cities and villages is an obvious manifestation.

In this regard, the UN Framework on Climate Change 29th session of the Conference of the Parties to the Convention - COP29 and the importance of holding it in Azerbaijan was emphasized. It was reported that investments in renewable energy sources involvement, and provision of transition to "clean energy" of Azerbaijan are among the main priorities of the energy policy and good opportunities for effective partnership in directions as well are available.

Potential cooperation initiatives between the World Bank and the International Finance Corporation were reviewed at the meeting, encompassing various areas of mutual interest.