Development of cooperation with International Finance Corporation was reviewed

Minister of Energy Parviz Shahbazov received a delegation led by Cheryl Hanway, Senior Manager for Infrastructure of International Finance Corporation (IFC), which is part of the World Bank Group.

The Minister noted the long-term cooperation with IFC in various fields, including the energy sector, and emphasized the importance of the currently ongoing “Roadmap on the use of the offshore wind energy” project in the context of expanding the use of renewable energy sources. Information was provided on the realization of the huge wind energy potential in the Azerbaijani sector of the Caspian Sea, the attraction of private investment, international cooperation, future integration of "green energy" into the network, energy exports, goals and plans for renewable energy in general. The development of cooperation with IFC was reviewed and discussions were held on the next steps.

Cheryl Hanway spoke about IFC's experience in the development of the private sector in the energy sector and attracting investments in this area. Taking into account the ongoing development processes in Azerbaijan, interest was expressed in the IFC`s support to the expansion of the “green energy” infrastructure in our country and the study of future opportunities.