The cooperation opportunities in the field of renewable energy have been discussed with the International Finance Corporation (IFC)

Future cooperation perspectives in the field of renewable energy and creation of an efficient, competitive energy market have been discussed with the delegation of the International Finance Corporation (IFC) at the Ministry of Energy.

The Deputy Minister of Energy Samir Valiyev has reminded the participation of IFC in the financing of the Baku-Tbilisi-Ceyhan project and talked about the new opportunities for cooperation. The Deputy Minister has also informed about the work carried out in Azerbaijan on energy efficiency and development of renewable energy sources. He noted that the preparation of the new legislation on renewable energy sector and drafting of the energy market law is carried out in cooperation with public and private sector participation, as well as with various international organizations.

IFC Regional Director for Caucasus and Russia, Jan Van Bilsen, mentioned that the organization represented by the World Bank Group had a long-term cooperation with Azerbaijan in various fields, including the energy sector. It was noted that the Corporation is ready to share its vast experience with Azerbaijan in attraction of private sector to the development of renewable energy and energy efficiency sector, and in provision of auctions. The importance of the development of renewable energy sources on the basis of market mechanisms, the creation of a competitive environment for producers and ensuring the participation of private companies in this field have been emphasized.

At the end of the meeting, it was agreed to provide proposals to the International Finance Corporation on implementation of joint projects in the field of renewable energy.