The International Finance Corporation (IFC), a member of the World Bank Group, intends to expand the volume of financial support to Azerbaijan in the next five years to $200-500 million, Report informs referring to the WB.
"In addition, IFC has also been cooperating with the State Oil Fund which committed $350 million in three funds managed by IFC’s Asset Management Company and new commitments will be explored. Currently there are seven IFC lending and equity investment operations totaling $47 million in two banks – Access Bank and Bank Respublika. In close collaboration with IBRD and MIGA, IFC will continue to look for investment and advisory opportunities in renewable energy, transport, and the financial sector, and potentially deepen its engagement in water (including desalination), the digital economy, agriculture, e-mobility, and developing the Middle Corridor," the WB noted.
"MIGA’s efforts, through the WBG Guarantee platform, will seek opportunities to support the government of Azerbaijan and SOEs in the areas of energy, water, urban transport, and Middle Corridor infrastructure development needs. During the CPF (five-year) period, IBRD, IFC, and MIGA will continue fostering synergies, working closely together to coordinate efforts, catalyzing funding, and leveraging the impact of the One WBG approach. This would initially focus on building joint programs in energy and water with coordinated, phased, joint or linked investments."
Over the past 30 years, IFC has invested more than $800 million in Azerbaijan through more than 60 projects. The country's share in IFC's capital is 0.12% (28,852 shares), for which the government paid $21.516 million to subscribe.