BAKU, Azerbaijan, June 4. Azerbaijan and the World Bank (WB) discussed the development of collaboration on the green transition, Trend reports.
According to the Azerbaijani Ministry of Economy, Deputy Minister of Economy Samad Bashirli met with WB Practice Manager for Macroeconomics, Trade, and Investment for the Europe and Central Asia Region Antonio Nucifora.
The meeting highlighted the importance of effective cooperation with WB.
Moreover, productive cooperation with the bank to further improve the investment environment in Azerbaijan, public-private partnerships, innovation, the development of management technologies, and other areas contributing to achieving the development goals of Azerbaijan were emphasized.
The parties discussed the development of cooperation on trade diversification, green transition, climate, COP29, and other issues.
To note, for more than 30 years of successful cooperation, the bank provided Azerbaijan with government loans (49 completed and 3 ongoing) for 52 projects totaling more than $4 billion.
Additionally, more than 115 technical assistance projects worth over $30 million were presented for grant projects in various areas.
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. The COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
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