IDB group contributes to renewable energy development in Azerbaijan

Turkey, Istanbul, Oct. 12 /Trend special corr. I.Khalilova/

The Islamic Corporation for Development of the private sector (ICD, is included in the Islamic Bank of Development Group) is interested in Azerbaijan's participation in the fund on renewable energy sources established by the group, the head of the division on Eastern Europe & CIS Coverage & Partnerships Department in CIS Murad Yandiyev told Trend.

"The fund will already be formed within a six weeks with an initial capital of $50 million, $15 million of which will be covered by the Kazakh National Venture Fund and $15-20 million by ICD," Yandiyev said, noting that financing the fund for approximately $45 million has already been defined.

He said the fund is designed to support projects as shareholder from one angle and become involved in the investments from other resources from the other.

"For instance, ICD can take part in the project as a debt partner at the same as the fund acts as a shareholder. This doesn't mean that the project cost will be limited by an amount of $50 million (the fund's capital). It could be estimated as $500 billion, considering involvement of foreign loans for its financing," Yandiyev stated.

It is known that Azerbaijan has announced an economy diversification and according to Yandiyev, the IDP group is ready to assist the country on the development of the non-oil industry through newly established funds.

"Establishment of such funds means that the bank will alienate from such traditional sectors as the oil sector. This is why their operation in the country is in Azerbaijan's interest," the ICD representative noted.

A fund on renewable energy sources has currently been established in the IDB group and the formation of a fund on food and agricultural businesses is underway.
The fund on alternative energy sources is created with an initial capital of $50 million. The activities of this fund will support the development of renewable energy sources in the CIS countries, Turkey and the Balkan countries.

"We are interested in inviting the head of the State Company on Alternative Energy Sources at the Ministry of Industry and Energy of Azerbaijan, if the country is interested in participation. We would be interested to work with her, given that Azerbaijan has announced intentions to invest some $6 billion in this sector by 2020," Yandiev stated.

Azerbaijan is developing a strategy for the use of alternative and renewable energy sources in 2012-2020. Management of this strategy will enable the country to reach the 20 per cent threshold share of alternative energy by 2020 in the total energy consumption.

This indicator amounted to 10 per cent in 2011 (9.8 per cent - hydropower, 0.2 per cent - other types of alternative energy sources).

According to the plan, the share of alternative energy sources in the total energy consumption will be increased to 9.7 per cent by 2020. Azerbaijan is an oil and gas country and electricity producer. The country produces about 50 million tons of oil, 27 billion cubic meters of gas and more than 18 billion kilowatt / hours of electricity. All this requires the use of new technologies in order to reduce and prevent emissions from the mining, fuel combustion and gas.

Azerbaijan considering issues of regional schools damaged during Karabakh War
Azerbaijan considering issues of regional schools damaged during Karabakh War
Azerbaijan confirms 705 more COVID-19 recoveries
Azerbaijan confirms 705 more COVID-19 recoveries
WHO office in Azerbaijan discusses project on preventing deaths from COVID-19 pandemic
WHO office in Azerbaijan discusses project on preventing deaths from COVID-19 pandemic
Loading Bars
Expert talks promoting import of electric and hybrid vehicles to Azerbaijan
Turkmennebit opens tender for purchase of various equipment
Azerbaijan shows footage from Jomerd village of Kalbajar district (PHOTO/VIDEO)
Sales of goods at Iran Mercantile Exchange spike
Iran reveals amount of loans issued to manufacturing companies
Georgia increases export of marine mammals, fish fats, oils and their fractions to Turkey
S&P talks about Azerbaijan's GDP growth in 2022-2024
Turkey set to receive second vaccine shipment from China soon
Russia records over 21,100 daily coronavirus cases
Weekly review of Azerbaijani precious metals market
Kazakhstan's exports volume to Georgia increases multifold
Azerbaijan's strategic foreign exchange reserves increase year on year
Iran announces volume of sprat caught in Caspian Sea
Azerbaijan shares footage from Ashaghi Veysalli village of Fuzuli district (PHOTO/VIDEO)
Consumption of steel products in Iran increases
3 injured as blast hits vehicle in Kabul
Weekly review of Azerbaijani currency market
Georgia reveals data on exports of semi-finished products of iron or non-alloy steel to Turkey
Iranian companies join UN CTCN
Kazakhstan’s daily COVID-19 case count stands at 1,584
Weekly review of main events in Azerbaijan's transport sector
UK to quarantine visitors from nations with high COVID-19 risk
China rescues first person from Shandong gold mine: state media
Over 2 mln coronavirus cases registered in Colombia
Israel reports 4,550 new COVID-19 cases, 593,578 in total
Iran's Marun Oil & Gas Production Company manufactures certain equipment
Iran to begin COVID-19 vaccinations in coming weeks: President Rouhani
France registers 23,924 new COVID-19 cases, 230 deaths in one day
Turkmenenergo to sign new contracts with foreign companies
7.0-magnitude quake hits South Shetland Islands: CENC
Turkey reports 5,856 new COVID-19 cases, 2,424,328 in total
After first phone call, UK PM Johnson looks forward to working with Biden
UK records another 33,552 coronavirus cases, 1,348 deaths
WHO reports over 600,000 new daily cases of COVID-19
Azerbaijani, Turkish FMs discuss pirate attack on ship
Top Spanish general resigns over allegations of vaccination queue-jumping
Pirates hijack Turkish ship off coast of Guinea, one person killed
BMB Trade Group and Uzbek Saffron Research Center discuss saffron cultivation and processing
Trend TV shares video report from plundered during Armenian occupation Azerbaijani Zangilan
Belarus, Kazakhstan seek closer cooperation in exchange trade
Management of Azerbaijan's State Oil Company being improved - Decree
New staff of Azerbaijani SOCAR's Supervisory Board approved
Georgia's external merchandise trade down 14.8% in 2020
Turkey halts flights from Brazil due to new COVID-19 variant
Gas pressure in Iran's South Pars gas field projected to decrease
Iran's gas processing potential to increase
Portugal holds presidential election as COVID-19 cases spiral
Italy reports 488 coronavirus deaths and 13,331 new cases
Italy to rethink vaccine roll out if supply problems persist
US broadcaster, journalist Larry King dies aged 87
Russia signs deal with Turkey on vaccine production
Azerbaijani MoF issues footage from Kalbajar district's Gamishli village (PHOTO/VIDEO)
Manat exchange rate against dollar to remain unchanged - Standard & Poor's
Bahar Azadi gold coin price again falling in Iran
Azerbaijan considering issues of regional schools damaged during Karabakh War
Iranian Energy Exchange announces products to be on sale on January 24
State subsidy to increase from 10 to 15 GEL per 50 kg of wheat flour in Georgia
Goods transit via Iran's Bileh Savar on rise
Tax authorities of Kyrgyzstan, Russia discuss launch of joint project
Japan's COVID-19 death toll exceeds 5,000 as total cases surpass 360,000
Indian gov't confirms outbreak of bird flu
Azerbaijani president expresses condolences to Ukranian counterpart
Bulgaria to ease some COVID-19 rules, restaurants closed for now
COVID-19 vaccine delays may slow wider Irish roll-out, says PM
Azerbaijan confirms 705 more COVID-19 recoveries
WHO office in Azerbaijan discusses project on preventing deaths from COVID-19 pandemic
Uzbek-Korean Uz-Kor Gas Chemical to buy spare parts for water purifier via tender
Georgia increases import of vehicles from Turkey
Geostat reveals volume of ferroalloys exported from Georgia to Turkey
Iran oil export never reached zero - Iran's Oil Minister
Azerbaijani expert talks impact of recycling old cars on traffic jams
Weekly review of highlights in Azerbaijani ICT sector
Uzbekistan’s Uzpromstroybank reveals plans for strategic dev’t in 2021
WHO chief thanks India, PM Modi for 'support to global Covid-19 response'
Yukselish competition organizes webinar presented by Azerbaijani president's assistant (PHOTO)
Iran reveals COVID-19 data for January 23
Azerbaijan shares footage from Ashaghy Maralyan village of Jabrayil district (PHOTO/VIDEO)
Turkmenistan taking measures to further increase volume of cotton production
Iran to increase Shiraz municipality budget
Azerbaijani oil prices fall
Georgia sees decrease in COVID-19 cases
Russia reports 20,921 coronavirus cases over day, record low since November 11
Iran-Iraq-Syria transit route would improve economy - Iran's Minister of Road
Azerbaijan and Turkey ink MoU to support SMEs (PHOTO)
Karabakh's geography allows developing various tourism products - Azerbaijan Tourism Board
Standard & Poor's upgrades Azerbaijan's credit rating outlook
Georgian import of medical products from Turkey down
Uzbekistan reveals COVID-19 data for January 23
Brazil President Bolsonaro thanks PM Modi for 'sanjeevni booti' against Covid with Hanuman pic
India's COVID-19 vaccine diplomacy shines in South Asia and beyond
Cooperation on North-South Corridor to be researched during Iran’s FMA visit to Azerbaijan
First Batch of COVID-19 Vaccines Arrive in Myanmar from India
Iranian currency rates for January 23
Joint dev't of Dostlug field to be commercially, technically attractive - Wood Mackenzie
Socio-economic situation in Armenia deteriorating - Azerbaijani MP
AstraZeneca to supply 31 million COVID-19 shots to EU in first quarter, a 60% cut
Iran and Cuba to increase production capacity of COVID-19 vaccine
Iran and Russia to increase transportation ties
One Year to Special Olympics World Winter Games Kazan 2022
Azerbaijan producing lubricants based on new components
All news