BAKU, Azerbaijan, April 19. The International Finance Corporation (IFC) supports Azerbaijan’s shift to a dynamic private sector-led growth model, Ivana Fernandes Duarte, IFC’s Regional Manager for the South Caucasus said in an exclusive interview with Trend.
“Diversifying away from oil and gas will help the country create jobs and stimulate economic growth.
A conducive business environment is key to attracting investments. That is why, over the last decade, IFC and relevant government agencies cooperated to develop a new legislative framework.
Azerbaijan recently adopted a law on tourism, which was developed with IFC’s advisory support. The law deregulates the tourism sector and introduces novelties that align the country’s tourism sector with international best practices. It envisions setting up an electronic register for tourism resources as well as developing an automated data exchange system between hotels and the Ministry of Internal Affairs, among other innovations,” she said.
Duarte noted that the advisory work in this area has been part of IFC’s Azerbaijan Investment Climate and Agribusiness Competitiveness project implemented in partnership with the Swiss State Secretariat for Economic Affairs SECO and the Austrian Federal Ministry of Finance.
“As the world emerges from the COVID-19 pandemic, IFC is determined to support Azerbaijan on its path to sustainable, inclusive, and private sector-led growth. As tackling climate change is one of our priorities globally, supporting green and resilient recovery is one of IFC’s key priorities in Azerbaijan. This includes supporting its energy transition and investing in renewable energy generation. The country is committed to reduce greenhouse-gas (GHG) emissions by 35 percent by 2030. In this context, offshore wind looks especially promising. Its technical potential is estimated at 157 gigawatts, according to an analysis provided by the World Bank's Energy Sector Management Assistance Program. This represents vast potential when compared to the country's total installed capacity of around 8 gigawatts,” she added.
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