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WB, IFC embarking on two technical assistance projects in Azerbaijan’s energy sector

Oil&Gas Materials 26 February 2021 10:34 (UTC +04:00)
WB, IFC embarking on two technical assistance projects in Azerbaijan’s energy sector

BAKU, Azerbaijan, Feb.26

By Leman Zeynalova – Trend:

The World Bank, jointly with the International Finance Corporation (IFC), a private sector arm of the World Bank Group, are embarking on two technical assistance projects in cooperation with the Ministry of Energy of Azerbaijan, Sarah Michael, World Bank Country Manager for Azerbaijan, told Trend.

These engagements focus on the energy sector and market transition reforms, and the offshore wind industry development program, she explained.

“On offshore wind, the Bank will provide to the government a balanced and strategic analysis on the role that offshore wind could play in meeting future power demand and sustainability objectives in Azerbaijan. This study shall present different options of industry development pathways and recommended options for future activities, based on good industry practices, that could help deliver these scenarios, such as policy formulation, planning and development a pipeline of bankable projects,: noted the WB country manager.

Michael noted that on market reform, the Bank will support the government in identifying the key elements required in developing and operationalizing a well-functioning wholesale and retail electricity market in Azerbaijan, including putting in place a transparent and predictable commercial and regulatory framework and a power exchange that will facilitate electricity trading within a competitive national and regional market.

“We commend Azerbaijan’s efforts toward greater use of renewable energy, and more broadly, emphasizing green growth in its development plans.”

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Follow the author on Twitter: @Lyaman_Zeyn

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